EA keeps heat on Take-Two
Board asks shareholders to reject offer
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EA countered Take-Two’s delay of its annual meeting to April 17, a week after EA’s $26 per-share bid was set to expire, by pushing back the expiration date to April 18. That will keep the tender offer an issue at the annual meeting and give shareholders one last opportunity to sell after it.
World’s biggest third-party publisher also conditioned its offer on Take-Two either rescinding its recently adopted “poison pill” or ensuring it doesn’t apply to EA. The poison pill would make it impossible for EA to buy more than 20% of Take-Two’s stock for the next 180 days.
Take-Two has said it is willing to enter talks with EA and other potential buyers after “Grand Theft Auto IV” comes out on April 29. But EA is apparently insistent on closing a deal before that date.
It has said it needs to start planning to sell “GTA IV” and other Take-Two games during the holiday period. It may also be concerned that if the game sells better than expected, Take-Two shareholders will demand even more money.
