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Thursday, March 13, 2008
Electronic Arts Launches $2B Tender Offer for Take-Two
Associated Press
REDWOOD CITY, Calif.--Video game maker Electronic Arts Inc. (ERTS) said Thursday that it has launched a hostile $2 billion tender offer for rival
Take-Two Interactive Software Inc. (TTWO), the publisher of "Grand Theft Auto" and other video games.
The move takes
the offer directly to Take-Two's shareholders after Take-Two rejected the offer late last month.
At the time, Take Two
had said it was open to talks with Electronic Arts but wanted to wait until April 30, the day after the latest version of
Grand Theft Auto hits store shelves.
The $26 per share cash tender offer from an Electronic Arts' subsidiary represents
a 4% premium to Take-Two's closing stock price of $24.91 on Wednesday and a 64% premium to the company's Feb. 15 closing stock
price, which was the last trading day prior to Electronic Arts' revised offer.
The tender offer, which is not contingent
on financing, is set to expire at midnight on April 11, unless extended. Take-Two's annual shareholders' meeting is expected
to take place on April 10.
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