Shareholders Stick With Take-Two

Electronic Arts may have recently extended the deadline for its bid to acquire Take-Two, but the company's shareholders don't seem ready to go quietly. EA's offer price remains at $US 25.74 per share, while as of today, Take-Two has seen share value just over the $US 27 mark.

A peek at recent SEC filings reveals another item of interest: When EA made its most recent deadline extension, its third, it stated that 6,210,261 shares of Take-Two stock had been tendered to EA as of May 16th. That's only a small percentage of what EA would need to acquire a majority - but its even less than they used to have.

At the time of the second extension, as of April 17th 6,432,787 shares had been tendered - which seems to suggest that 222,526 shares have gone back to Take-Two. Granted, those 222,526 shares are statistically tiny in the grand scheme of things, but even a small loss of stake seems an inauspicious sign for a company making a hostile bid.

On the other side of the coin:


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