Odd shit.

EA's Take-Two takeover bid turns hostile
[UPDATE] The gloves are off and the megapublisher is taking its $26-a-share offer directly to the shareholders; GTA IV publisher tells shareholders to stand fast as it reconsiders offer.
By Emma Boyes, Tor Thorsen, GameSpot UK
Posted Mar 13, 2008 3:53 am PT

Back in February, Electronic Arts made a $2 billion offer for Take-Two, which Take-Two promptly turned down, stating that it didn't believe it was enough.
http://image.com.com/gamespot/images/2008/072/eadeathstar487_screen.jpg
"Now, witness the power of this fully operational acquisition fund!"
Image: Eattake2.com

Later in the month, Take-Two made it known that EA was not the only suitor it had and also secured severance plans for its employees in the result of being taken over and downsized.

However, by the beginning of this week, some of the company's shareholders were getting restless. Two major stockholders ditched a percentage of their Take-Two stock, and one shareholder filed a lawsuit against the company for not exploring EA's offer.

Everyone's been waiting to see what EA's next move would be: Would the company put a higher offer on the table or attempt a hostile takeover? Today, the megapublisher has decided on the latter, reports The Wall Street Journal.

Electronic Arts has now confirmed that it will be taking its offer directly to the shareholders of the Grand Theft Auto IV and BioShock 2 publisher at the same price it originally gave--$26 a share.

CEO John Riccitiello commented, "We believe Take-Two investors will see our tender offer as the best way to maximize the value of their investment in Take-Two. This tender offer provides a clear process to complete the proposed transaction."

The tender offer is set to expire on April 11. If successful, the acquisition would be the biggest prize in EA's recent buying spree, which saw it subsume such developers as BioWare/Pandemic and Digital Illusions CE last year.

[UPDATE] Several hours after EA's announcement, Take-Two issued a statement urging its shareholders to stand fast. "The board of directors...today recommended that Take-Two stockholders take no action at this time in response to the announcement by Electronic Arts that it has made an unsolicited conditional tender offer to acquire all of Take-Two's outstanding shares of common stock for $26 per share in cash," it said.

However, Take-Two also announced it will give EA's offer a second look. The company said that, "Consistent with its fiduciary duties, and in consultation with its independent financial and legal advisers, Take-Two's Board will review and consider EA's offer, and within 10 business days, will advise Take-Two's stockholders of the Board's position regarding the offer as well as its reasons for that position." Assuming the 10-day period started today, Take-Two's response should arrive by or on Wednesday, March 19.

EA has been hanging out with Microsoft too much maybe? Either way I think they are taking this shit a lil' too far.

This buy would also give them control of 2k sports(yikes!) and Bioshock,

For People who like to read long 2 billion dollar proposals and denials.
http://taketwovalue.com/documents/Take-Two_Release_FINAL.pdf

Everything EA would own.

Take-Two has a proven track record of creating and acquiring ownership of valuable new intellectual property. Grand Theft Auto is one of the industry’s top franchises, having sold more than 65 million units to date. Over the past year, Take-Two has continued to expand its owned intellectual property portfolio, with two new franchises established – BioShock, one of the highest rated games of all time and winner of numerous “Game of the Year” awards, which has sold over 2 million units to date – and Carnival Games, a casual game for the Wii™, which has sold over 1 million units to date. Take-Two’s other proven million-unit selling video game franchises include Midnight Club, Sid Meier’s Civilization, Bully, Red Dead Revolver, Max Payne, Rockstar Games presents Table Tennis, Manhunt, Red Dead Revolver, Mafia, The Darkness, Spec Ops, Sid Meier's Railroads! and Sid Meier's Pirates! Take-Two also has powerful and growing sports franchises, with licenses for leading brands, including Major League Baseball® 2K, NBA® 2K and NHL® 2K, and proprietary sports brands, such as Top Spin, All Pro Football and Don King Presents: Prizefighter. Additionally, Take-Two has a partnership with Nickelodeon to publish video games based on top rated Nick Jr. titles such as Dora the Explorer and Go, Diego, Go!

This buy would also give them control of 2k sports(yikes!) and Bioshock,

For People who like to read long 2 billion dollar proposals and denials.
http://taketwovalue.com/documents/Take-Two_Release_FINAL.pdf

Everything EA would own.

Amazing news. Glad you posted it. I think that 2k is a big reason they had to make the move. From what I've understood 2k has taken some decent market share, especially in the US. Here in Europe they does very well with sports, but they don't have the number one soccer game by a long shot and 2k was growing here as well (again, from what I've been told).

EA: Can't beat them? Buy them.

This move would lead to an EASports/2KSports merger that would kill nba 2k, footbal 2k, and MLB 2K8 along with resurfacing MVP Baseball.

Can we get Tony LaRussa baseball back?

http://i11.ebayimg.com/01/c/05/ag/ec/b0_8.JPG

I am opposed to them buying 2k. Competition is good.

Can we get Tony LaRussa baseball back?

http://i11.ebayimg.com/01/c/05/ag/ec/b0_8.JPG


As soon as we come up with a way to get you to buy it twice a year.

Having EA against 2K meant you actually had options, and they each had to keep coming up with new ideas each year. Having them together, essentially killing off 2K I'm sure, is going to take sports games a step back.

EASports madden 08 next gen is the worst abomination in the history of sports games(and its somehow even worse on ps3). They need spend more time fixing that game rather than doing hostile takeovers.

No shit, Madden fuckin sucks. Yargh! I want NFL 2k back!

Since EA renewed the license, NFL 2K is dead (probably forever). With EA (possibly) taking all of 2K, All Pro Football 2K will be killed off as well.

Leaving us with shitty ass Madden (which I'm done buying). Sigh.

EA only makes one decent sports game and that's hockey (which I don't even play/watch).

No shit, Madden fuckin sucks. Yargh! I want NFL 2k back!
You lost me there. I hated NKL 2k and based on how wack all pro 2k was, i doubt they'd bring anything amazing to the table. nevertheless the competition itself was good.

I still play NFL 2K5 (on my 360, thank goodness it's backwards compatible). I ordered one of those transferring devices just so I could update the rosters and shit.

Beats the annual roster update EA calls a new game any day.

EASports madden 08 next gen is the worst abomination in the history of sports games(and its somehow even worse on ps3). They need spend more time fixing that game rather than doing hostile takeovers.

I used to love Madden. The last Madden I got was 2007, and I hated it. I love playing football, but the game has become more of a GM/Owner game than a football game.

If I wanted to play GM, I'd go steal Millen's job.

Just give me updated rosters and good graphics. I don't want passing cones, combines and wonderlik tests.

I used to love Madden. The last Madden I got was 2007, and I hated it. I love playing football, but the game has become more of a GM/Owner game than a football game.

If I wanted to play GM, I'd go steal Millen's job.

Just give me updated rosters and good graphics. I don't want passing cones, combines and wonderlik tests.
2008 is primitive. on ps3 you cant use the top button juke(the greatest invention in football gaming snatched out of your hands :( ), you can't edit player positions, and the game feels very nonathletic vs the ps2 madden. I remind you that the ps3 version is nothing more than a lame port of the already lame 360 version. which takes lame gaming to a whole new level of dog shit.

Whats worse is some fucktard trying to tell you that its better like that and a great game because millions of idiots bought it with no other option out there.

You lost me there. I hated NKL 2k and based on how wack all pro 2k was, i doubt they'd bring anything amazing to the table. nevertheless the competition itself was good.

I doubt 2k was consistently upgrading between 2k5 and all pro. I enjoyed 2k better than Madden, doesn't mean 2k was great by any means.

If I wanted to play GM, I'd go steal Millen's job.


A game where you control the Lions from the front office. Ha, that'd be great. Hard too.

Only good thing to come out of this would be no more 2K baseball. I regret buying 2K8.

Be prepared for all those games next version to suck ass. The eventual release of Bioshock 2 is what makes me sad.

Only if the devs leave due to the takeover should those games suck. I'm holding a small token of hope.

severance packages are already in place(at rockstar at least), so get ready for suckage.

severance packages are already in place(at rockstar at least), so get ready for suckage.

:(

Take-Two board rejects EA's 'inadequate' tender offer

After reviewing EA's recent and "unsolicited" tender offer to nab shares in the Grand Theft Auto publisher at $26 a piece, Take-Two's board of directors has deemed the maneuver "inadequate in multiple respects and contrary to the best interests of Take-Two's stockholders." The company heads imparted a similar sentiment two weeks ago when they asked stockholders to resist EA's offer while they reviewed it and formulated an official "hellz no."

The board continues to advise stockholders to hang on to their shares, claiming that the offer "substantially undervalues" the company and its "valuable franchises." Said Strauss Zelnick, chairman of the Take-Two board: "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." He also expressed that the company will "review all available options" and remain focused on maximizing shareholder value.

To this end, the board has suggested investigating "alternatives" to the EA offer, "which may include a business combination of the Company with third parties or with EA, remaining independent, or other strategic or financial alternatives, that could deliver higher stockholder value than the EA Offer." Take-Two claims to have already prepared materials to facilitate "business combination transactions" with a number of other interested third parties, creating the impression that it would rather trade a hostile takeover for an auction.

http://www.joystiq.com/2008/03/26/take-two-board-rejects-eas-inadequate-tender-offer/

the question is whether EA gets those shares now. if they did they could still take over voting majority.

EA Just Won’t Give Up, Extends Take-Two Buyout Offer
by Game Informer Online
POSTED: 3/28/2008 12:10 PM

here seems to be no end in site with the public pin-pong match between EA and Take-Two. Responding back and forth through press releases and other public channels has kept us in the light about every move either company makes or may possibly, at some point in time, think about or consider making.

On Wednesday we reported that Take-Two share holders sided with the big-wigs and rejected EA’s $26 a share bid to buy the company. They also announced that they planned to look into other business options, “which may include a business combination with third parties or with EA, remaining independent, or other strategic or financial alternatives that could deliver higher stockholder value than the current EA offer.”

Part of the rejection by Take-Two involved implementing a “poison pill” approach, basically giving shareholders more wiggle room to negotiate higher prices or outright refuse EA’s offer. The long and short is that the tactic makes it much more difficult for EA to buyout Take-Two. Take-Two also moved their annual stockholder meeting to April 17 - past the deadline EA had given them previously to make their decision. EA obviously was not satisfied with the retort, and responded today with an amended offer that countered their poison pill tactic. They also extended the purchase deadline to April 18, the day after the rescheduled stockholder meeting.

The jousting match continues and we will keep you updated with their very public responses as they are released.


http://gameinformer.com/NR/exeres/4D8A3969-D768-4F87-8A82-CB9D1F9CCE1A.htm