 Video game mogul Electronic Arts extends its offer to Take Two Interactive to $25.74. The offer was set to expire at 11:59 p.m., EDT, on April 18, 2008 but the video game publisher announced that the new expiration date for the "tender" offer is at 11:59 p.m., EDT on May 16, 2008.
Take Two Interactive still maintains that the offer does not represent the value of it's company. The companies titles include Grand Theft Auto IV through their Rockstar Games label and as well as 2K Games and 2K Sports.
"Take-Two's board of directors has maintained from the beginning, and continues to believe, that Electronic Arts' proposal undervalues our company," said Chairman Strauss Zelnick. "It undervalued the company at $26 per share, and it certainly undervalues Take-Two at $25.74."
EA continues to believe that the offer price is full and fair, and that a transaction between Take-Two and EA is the most compelling combination financially, strategically and operationally for all parties.
Source: Forbes
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