fitbabits
07-22-2008, 10:44 AM
The Associated Press, via Yahoo! News (http://news.yahoo.com/s/ap/20080721/ap_on_hi_te/electronic_arts_take_two;_ylt=AsPW3L47vi5jSafXANIc 6.ojtBAF), is reporting that Electronic Arts has once again extended the deadline for their proposed buy out of Take-Two, this time till mid-August:
REDWOOD CITY, Calif. - Video game publisher Electronic Arts Inc. has again extended the deadline for its $2 billion tender offer to buy smaller rival Take-Two Interactive Software Inc.
The offer now is scheduled to end at 11:59 p.m. EDT on Aug. 18, an extension from this past Friday. EA said Monday it needed more time to allow regulators to continue their review.
EA previously announced that it was in "substantial compliance" with the Federal Trade Commission's request for information about its proposed buyout of Take-Two. Based on its agreement with the FTC, EA said in a regulatory filing it will not close any acquisition until at least Aug. 21 or the FTC closes the investigation — whichever is earlier.
Needless to say, Take-Two are still playing hardball:
In a statement responding to the deadline extension, Take-Two Chairman Strauss Zelnick urged Take-Two shareholders to resist the offer. CEO Ben Feder said strong sales of "Grand Theft Auto IV" and other developments "have further demonstrated that our value-creation potential is greater than EA's offer."
One thing in business is certain - no seldom, if ever, means no.
REDWOOD CITY, Calif. - Video game publisher Electronic Arts Inc. has again extended the deadline for its $2 billion tender offer to buy smaller rival Take-Two Interactive Software Inc.
The offer now is scheduled to end at 11:59 p.m. EDT on Aug. 18, an extension from this past Friday. EA said Monday it needed more time to allow regulators to continue their review.
EA previously announced that it was in "substantial compliance" with the Federal Trade Commission's request for information about its proposed buyout of Take-Two. Based on its agreement with the FTC, EA said in a regulatory filing it will not close any acquisition until at least Aug. 21 or the FTC closes the investigation — whichever is earlier.
Needless to say, Take-Two are still playing hardball:
In a statement responding to the deadline extension, Take-Two Chairman Strauss Zelnick urged Take-Two shareholders to resist the offer. CEO Ben Feder said strong sales of "Grand Theft Auto IV" and other developments "have further demonstrated that our value-creation potential is greater than EA's offer."
One thing in business is certain - no seldom, if ever, means no.