Take-Two: Just Say No (To EA)

Oh it's such a soap opera. Early this morning Electronic Arts decided to bypass Take-Two and go straight to shareholders, offering to buy up stock from them directly at $US 26 a pop.

Now Take-Two is "recommending" that stockholders give the offer a pass.

The Board of Directors of Take-Two Interactive Software, Inc. (NASDAQ:TTWO) today recommended that Take-Two stockholders take no action at this time in response to the announcement by Electronic Arts Inc. (NASDAQ:ERTS) that it has made an unsolicited conditional tender offer to acquire all of Take-Two's outstanding shares of common stock for $US 26 per share in cash.

Consistent with its fiduciary duties, and in consultation with its independent financial and legal advisors, Take-Two's Board will review and consider EA's offer, and within 10 business days, will advise Take-Two's stockholders of the Board's position regarding the offer as well as its reasons for that position.

This coming from the board that just voted itself big fat raises? Big fat chance Take-Two.


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