EA Extends Take-Two Tender to 5/16
4/18/2008 9:19:00 AM
After missing an opportunity at the annual Take-Two Shareholder meeting, Electronic Arts has extended the expiration date of their tender to May 16th. In addition, EA ammended their tender to $25.74 per share to reflect additional shares issued during yesterdays Take-Two Shareholders meeting. See the EA release after the jump for all the info:
Apr 18, 2008 08:00
EA Extends Take-Two Tender Offer Expiration Date to May 16, 2008
Offer Price is $25.74 per Share, Reflecting Additional Shares to be Issued by Take-Two
REDWOOD CITY, Calif. --(Business Wire)-- Apr. 18, 2008 Electronic Arts Inc. ("EA") (NASDAQ:ERTS) today announced that it has extended its tender offer for all of the currently outstanding shares of common stock (including the associated preferred stock purchase rights) of Take-Two Interactive Software, Inc. ("Take-Two") (NASDAQ:TTWO) to 11:59 p.m., EDT on May 16, 2008. The tender offer was previously set to expire at 11:59 p.m., EDT, on April 18, 2008. EA also amended its offer to reflect a price of $25.74 per share. The price takes into consideration additional shares to be issued to Zelnick Media following stockholder approval of the amendment to Take-Two's incentive stock plan at its 2008 annual stockholders meeting on April 17.
Valued at approximately $2 billion in cash, EA's aggregate consideration for Take-Two shares remains unchanged.
EA continues to believe that the offer price is full and fair, and that a transaction between Take-Two and EA is the most compelling combination financially, strategically and operationally for all parties.