EA extends Take Two deadline
By Shaun Nichols on Apr 22, 2008 7:36AM
Electronic Arts has extended the deadline in its attempt to buy out rival game firm Take-Two Interactive..
The original offer was set to expire on 18 April, but EA has extended this until 16 May citing a Take-Two stockholder meeting on 24 April.
EA has also adjusted the price on the offering to US$25.74 per share, estimating the total cost of the acquisition at roughly US$2 billion.
"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," the company said in a statement.
The acquisition offer for Take Two, subsidiaries of which include Rockstar Games, was announced in March. Take Two called the offer "inadequate" and rejected it 10 days later.
The takeover bid then turned hostile as EA took its appeal directly to shareholders. The company claims to have secured 6,432,787 shares of Take Two stock.