Advises stockholders not to tender any of their shares to EA.
The Board of Directors of Take-Two Interactive Software has today announced that it has thoroughly reviewed EA's unsolicited conditional offer with the assistance of its financial and legal advisors and unanimously determined that the $26 per share cash offer is inadequate and not in the best interests of Take-Two's stockholders.
The Board has also recommended that stockholders do not tender any of their shares to EA.
Strauss Zelnick, Chairman of the Board of Take-Two, commented, "Our Board, after careful review, has unanimously determined that Electronic Arts' offer continues to provide insufficient value and remains opportunistically timed to capture the value of the upcoming Grand Theft Auto IV launch at the expense of our stockholders."
Zelnick continued: "Take-Two is uniquely positioned to create stockholder value in an industry that is enjoying the highest growth rates of any entertainment medium. We are effectively working toward a process to review all available options to maximize this value, either as an independent company or in combination with a third party, and are open to beginning informal discussions starting now."
