For a brief moment this morning, it appeared that the six-month-long Electronic Arts/Take-Two Interactive takeover saga might have finally come to a close. In separate statements issued this morning, both companies confirmed that EA's most recent $2 billion tender offer to purchase all outstanding Take-Two stock at $25.74 per share would expire as of 11:59 p.m. tonight. The deadline was set after EA's bid became compliant with the Federal Trade Commission rules last month.
In an open letter to Take-Two chairman Strauss Zelnick, EA CEO John Riccitiello said, "Given the passage of time, we have to validate the assumptions used in the model to support our offer price of $25.74 per share in cash. In addition, we no longer believe we can integrate Take-Two ahead of the important holiday season. Accordingly, we require due diligence to support a transaction and are therefore letting the tender offer expire tonight."
For a brief moment this morning, it appeared that the six-month-long Electronic Arts/Take-Two Interactive takeover saga might have finally come to a close. In separate statements issued this morning, both companies confirmed that EA's most recent $2 billion tender offer to purchase all outstanding Take-Two stock at $25.74 per share would expire as of 11:59 p.m. tonight. The deadline was set after EA's bid became compliant with the Federal Trade Commission rules last month.
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