EA's conquest to buyGTA IVpublisher Take-Two has stepped up a gear as it extends a tender offer directly to Take-Two shareholders, following the company's rejection of its original offer.
EA has made a tender offer of $26 per share to Take-Two's shareholders, which is valued at approximately $2 Billion - the same sum Take-Two itself turned down last month.
The offer is scheduled to expire at 5am GMT on Saturday, April 12. Take-Two is due to launch GTA IV two weeks later.
"This is a great opportunity for Take-Two shareholders," said EA CEO John Riccitiello. "We believe Take-Two investors will see our tender offer as the best way to maximize the value of their investment in Take-Two.
"This tender offer provides a clear process to complete the proposed transaction. For EA shareholders, the combination would add additional intellectual properties to our already strong portfolio and welcome Take-Two's talented creative teams to the great development organization we've built at EA."
This is going to end in tears. But who will be crying, EA's Riccitiello, or the Take-Two suits?
Mar 13, 2008