A month and a half ago, Electronic Arts stunned the game industry by announcing an unsolicited $2 billion takeover bid for Take-Two Interactive. The offer was a whopping 64 percent premium over Take-Two's closing stock price the prior day, and was regarded by analysts as being too generous for shareholders to turn down.
However, the board of the Grand Theft Auto publisher didn't feel the same way. On March 26, company directors--led by Chairman Strauss Zelnick and CEO Ben Feder--urged holders of Take-Two stock to reject EA's "inadequate" offer, which had turned hostile. EA then relented, giving its takeover target until 11:59 p.m. EDT on Friday, April 18--the day after Take-Two's annual shareholders meeting.
No comments:
Post a Comment