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Electronic Arts goes hostile on Take-Two
Electronic Arts is not giving up on its intention to acquire Take-Two Interactive and has taken the not-so-surprising step of going hostile with its offer, after the publisher refused to negotiate before its next Grand Theft Auto release.
The company is now taking its offer directly to shareholders by proposing to compensate them directly with a generous offer of $26 per share to be paid immediately and directly to anybody willing to sell off their stake to Electronic Arts – which is exactly the amount that was offered in the first place, but was rejected right away by Take-Two.
Take-Two’s board is advising shareholders to ‘take no action at this time.’ The company plans to consider the bid and advise shareholders of the board’s position on the offer within ten business days. But given the likelihood that its stock would fall hard if the bid gets pulled (it expires on April 11 at midnight), Electronic Arts, for better or worse, actually has a pretty good chance of getting their way.
The company is now taking its offer directly to shareholders by proposing to compensate them directly with a generous offer of $26 per share to be paid immediately and directly to anybody willing to sell off their stake to Electronic Arts – which is exactly the amount that was offered in the first place, but was rejected right away by Take-Two.
Take-Two’s board is advising shareholders to ‘take no action at this time.’ The company plans to consider the bid and advise shareholders of the board’s position on the offer within ten business days. But given the likelihood that its stock would fall hard if the bid gets pulled (it expires on April 11 at midnight), Electronic Arts, for better or worse, actually has a pretty good chance of getting their way.
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