EA extends Take-Two offer, Zelnick responds

By Patrick Garratt
21 July 2008 15:46 GMT

EA’s extended its tender offer for Take-Two, after capturing only 15 percent of the company’s shares with its previous deadline.

The offer is now valid until 11:59pm EST on August 18. This is the fourth time EA has extended its deadline in this way.

Take-Two chairman, Strauss Zelnick, responded, “Take-Two’s Board continues to be 100 percent committed to maximizing stockholder value and remains unanimous in continuing to recommend that our stockholders not tender their shares to EA.

“We are fully engaged in a formal process to evaluate strategic alternatives that have the potential to deliver greater value than EA’s inadequate offer. As part of this process, we continue to engage in meaningful discussions with multiple parties, a number of whom have been conducting due diligence. We also remain absolutely focused on executing on our strategic and business objectives.”

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