NEW cheap fast wow gold YORK heat is on: Electronic Arts Inc. turned hostile Thursday as EA took its $26 per share offer directly to Take Two shareholders.
The tender offer expires on April 11, more than two weeks before the latest Grand Theft Auto hits store shelves. New York based Take Two has consistently rejected the bid since late February, calling it the wrong price at the wrong time. On Thursday, its board asked shareholders to wait 10 days while it reviews the offer.
are counting on being able to achieve revenue synergies by the holidays, he said in an interview. EA wants to use its marketing prowess to sell more of Take Two games in the winter shopping season, when video game companies make the most of their money.
Take Two shares have been trading slightly below the offer price, and its two largest shareholders, Oppenheimer Funds and FMR LLC, have substantially reduced their stakes in the company, a sign they may not expect the bid to go higher.
made a realistic assessment, said Wedbush Morgan analyst Michael Pachter. took their money and ran. Even the $26 per share bid was nearly 50 per cent above Take Two stock price before EA bid became public on Feb. 24.
Take Two has said the offer doesn value the company creative talents most notably Grand Theft Auto creator Rockstar Games and its management turnaround efforts.
Chairman Strauss Zelnick and CEO Ben Feder took Take Two helm last spring after a shareholder coup ousted top executives and most of its board over poor financials and legal troubles. During a conference call Tuesday following better than expected first quarter earnings, Zelnick said Take Two has done its restructuring we think we have a very lean and efficient organization.
Take Two management doesn understand is that people who own their stock bought it for one reason and one reason only to sell it at a higher price, Pachter said. is a coldly rational, brutal business, these are not cheerleaders.
Since taking EA helm more than a year ago, Riccitiello has reorganized the company into a model, with four divisions and distinct, independent studios that seek to give game developers more autonomy than what is typical for large publishers. He said the structure is inspired by Rockstar Games.
Buying Take Two would give EA access to some of the video game industry strongest creative properties, not only Grand Theft Auto but also BioShock, a critically acclaimed first person shooter that has sold 2 million copies and won numerous awards.
Take Two sports business, which hasn been making money, is also valuable to EA because it would give the publisher of the blockbuster Madden NFL series a near monopoly on sports games.
EA offer for Take Two follows Vivendi SA plan to buy Activision Inc., its biggest rival. That deal is expected to close in the first half of this year, creating a publishing powerhouse that will own the wildly popular Guitar Hero franchise as well as World of Warcraft, the world biggest multiplayer online game.
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