EA Moves Forward with Take-Two Acquisition Attempts
Never one to be swayed, Electronic Arts has taken another step towards acquiring Take-Two by making a tender offer for all outstanding shares of common stock in the company. The offer is for $26 per share, amounting to a total of $2 billion, which is a 64% increase over where Take-Two’s stock was sitting the day prior to EA’s initial offer to buyout the company according to GamesIndustry.biz.
“This is a great opportunity for Take-Two shareholders,” said CEO John Riccitiello. “We believe Take-Two investors will see our tender offer as the best way to maximise 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 organisation we’ve built at EA,” he added.
The offer is open until April 11, which still would give EA several weeks of wiggle room prior to the release of Grand Theft Auto IV. Even if this doesn’t manage to get EA into the position they want to be, don’t believe for a second that this is their last attempt at acquiring the company.
Meanwhile, I remain extraordinarily concerned about what will happen to franchises like NBA 2K if and when they acquire Take-Two. You already killed the best football series, EA – don’t do it to the best basketball one, too.