So Take-Two releases the biggest, fastest selling game ever in the history of all games. EA sees this and thinks that maybe extending their offer to buy out Take-Two would be a good idea. Thing is they’ve already been rejected flat out. Smart money goes on EA changing their offer in order to secure the company, but EA doesn’t think that way. Nope, EA has decided to extend basically the exact same bid all over again and has once again been denied.
Strauss Zelnick, Chairman of the Board of Take-Two, puts it best, “This is the same highly conditional proposal that EA offered Take-Two stockholders on March 13, 2008, which our Board of Directors thoroughly reviewed and unanimously determined to be inadequate and contrary to the best interests of Take-Two’s stockholders. As such, the recommendation of our Board of Directors that stockholders not tender their shares to EA remains unchanged. The Board is committed to maximizing stockholder value and is exploring all strategic alternatives to do so. We said we were willing to begin formal discussions with interested parties on April 30, following the launch of Grand Theft Auto IV, and we have in fact begun that process. We are confident in the significant growth potential of Take-Two and in the unique value of our business given our strong position in this growing and dynamic industry.”
Take-Two also points to the fact that they just sold more games in a 24 hour period than anyone, ever, and that this might make their company a bit more valuable than when they hadn’t done such things. I know, I know. These are outlandish ideas. They should clearly be taking EA’s offer because I’m sure no one else is looking around to gobble up the company. If you’re interested in reading boring paperwork or stockholder statements you can head over here and check it all out.