Agreed. EA eats up games that where once good than turn them into crap And that crap still cost 60 dollars.
EA delays Take-Two deadline to July 18
Megapublisher formally re-extends its offer for the Grand Theft Auto maker, finds its advances quickly and publicly re-rejected by management.
Electronic Arts has extended its offer for Grand Theft Auto and BioShock publisher Take-Two Interactive for a fifth time. EA made its first approach to Take-Two back in February, then extended its deadline in late March, mid-April, and mid-May. Besides the delays, the company also announced its intention to postpone its bid in early June.
Although Take-Two stock is currently trading at $26.35, slightly above the $25.74 per share that EA is offering, EA maintains that its price is a fair offer. The senior vice president of corporate development, Owen Mahoney, said, "We congratulate Rockstar on the successful launch of Grand Theft Auto IV but believe our offer reflects a full and fair price based on the long-term value of Take-Two's entire operation."
EA added that the extension would allow the Federal Trade Commission investigation into the proposed deal to continue.
Take-Two's response was swift, and once again, negative. Take-Two chairman Strauss Zelnick said that he believed the offer still "significantly undervalues" the company, and called the move an "unsolicited and highly conditional offer."
He said, "Our Board of Directors remains in unanimous agreement that the proposal is contrary to the best interests of Take-Two stockholders, and the Board continues to recommend that stockholders not tender their shares to EA. The Board remains focused on the strategic process that began formally on April 30 to consider all alternatives to maximize value. We believe that these alternatives, which may include a business combination or remaining independent, will deliver greater value to stockholders than the current EA offer."
Currently, some 6,139,824 of Take-Two's outstanding shares, about 7.9 percent of the total, had tendered into EA's offer as of the end of yesterday. Recently, it has been suggested that Ubisoft might be entering the frame with the intent to form an alliance with Take-Two. Both companies are partially owned by EA.
Hot Stories
Newsmakers
-
Biden: No legal problem with taxing violent games
United States Vice President Joe Biden believes there is no legal restriction on ability to tax violent media. Full Story
- Posted May 14, 2013 3:50 am SST
-
Just Cause dev promises 'holy f**king sh**' moments in future games
Avalanche Studios co-founder says developer's ambition is for action, not moments that make players cry; steampunk-style game on hold. Full Story
- Posted May 15, 2013 9:33 pm SST
Featured Stories
-
Bungie shoots down Destiny for PS Vita rumor
Developer confirms image suggesting version of upcoming shared-world shooter in development for Sony's latest portable is a fake. Full Story
- Posted May 16, 2013 8:08 pm SST
-
Ubisoft planning to release games more frequently
Assassin's Creed and Far Cry publisher says its network of 26 studios and over 7,000 developers will allow company to ship major franchises more regularly. Full Story
- Posted May 16, 2013 7:42 pm SST
-
Metro: Last Light dev responds to workplace conditions claims
4A Games creative director Andrew Prokhorov thanks Jason Rubin for telling the studio's story, but says, "We deserve the ratings we get." Full Story
- Posted May 17, 2013 3:44 am SST
-
EA opens DICE LA to make Star Wars games
DICE head would also like to poach top talent from rivals Infinity Ward and Treyarch. Full Story
- Posted May 15, 2013 6:28 pm SST
-
EA dropping Online Passes - Report
Future EA games won't require Online Passes; the service is being scrapped after tepid player response. Full Story
- Posted May 16, 2013 11:28 am SST
Related Game
Grand Theft Auto IV
- Publisher(s): Rockstar Games
- Developer(s): Rockstar North
- Genre: Action
- Release:
- MDA:





