Following last night's Take-Two shareholder meeting, which Leigh was kind enough to cover, Electronic Arts has announced that they are extending the deadline on their tender offer to May 16th, 2008. The offer was originally extended from its original April 11th deadline to today in response to Take-Two's rescheduling of the annual shareholder meeting.
Also, as a result of Take-Two issuing additional stock following the approval of the company's incentive stock plan, the price per share EA is offering has dropped to $25.74 from $26.
EA reveals that as of 5PM yesterday, 6,423,787 shares of Take-Two common stock had been tendered in and not withdrawn from the offer.
For more on how all this works, be sure to check out Leigh's feature on the takeover.
EA Extends Take-Two Tender Offer Expiration Date to May 16, 2008
Offer Price is $25.74 per Share, Reflecting Additional Shares to be Issued by Take-Two
REDWOOD CITY, Calif.—(BUSINESS WIRE)—Electronic Arts Inc. ("EA") (NASDAQ:ERTS) today announced that it has extended its tender offer for all of the currently outstanding shares of common stock (including the associated preferred stock purchase rights) of Take-Two Interactive Software, Inc. ("Take-Two") (NASDAQ:TTWO) to 11:59 p.m., EDT on May 16, 2008. The tender offer was previously set to expire at 11:59 p.m., EDT, on April 18, 2008. EA also amended its offer to reflect a price of $25.74 per share. The price takes into consideration additional shares to be issued to Zelnick Media following stockholder approval of the amendment to Take-Two's incentive stock plan at its 2008 annual stockholders meeting on April 17.
Valued at approximately $2 billion in cash, EA's aggregate consideration for Take-Two shares remains unchanged.
EA continues to believe that the offer price is full and fair, and that a transaction between Take-Two and EA is the most compelling combination financially, strategically and operationally for all parties.
As of 5:00 p.m., EDT, on April 17, 2008, 6,432,787 shares of Take-Two had been tendered in and not withdrawn from the tender offer.