EA Extends Take-Two Offer Again; Company Still Opposed

Authored by Mark Hefflinger on June 17, 2008 - 8:38am.

New York - Take-Two Interactive (NASD: TTWO) chairman Strauss Zelnick responded to a fourth extension of Electronic Arts' (NASD: ERTS) offer to acquire the game publisher on Tuesday by stating that "their proposal still significantly undervalues Take-Two, a fact that is reflected in the overwhelming number of stockholders who still have not tendered their shares." Take-Two reiterated that just 7.9% of its shareholders have tendered their shares in favor of EA's $2 billion buyout offer.

Take-Two also maintains that EA's offer is "highly opportunistic," given the recent launch of its top-selling "Grand Theft Auto IV."

"We congratulate Rockstar on the successful launch of GTA IV but believe our offer reflects a full and fair price based on the long-term value of Take-Two's entire operation," said Owen Mahoney, SVP of EA corporate development.

The deadline for EA's offer will now expire on July 18.