• Most Popular
  • Most Shared

Electronic Arts extends Take-Two offer deadline

PHILADELPHIA
Mon May 19, 2008 2:44pm EDT

Stocks

   
College fullback Owen Schmitt (R), drafted by the NFL's Seattle Seahawks, and DeSean Jackson, a wide receiver drafted by the Philadelphia Eagles, play EA Games NCAA Football at the game-makers; studio in Burnaby, British Columbia May 5, 2008. REUTERS/Andy Clark

PHILADELPHIA (Reuters) - Electronic Arts Inc (ERTS.O) said on Monday it extended by one month its $2 billion hostile offer to acquire rival video game maker Take-Two Interactive Software Inc (TTWO.O).

Stocks  |  Mergers & Acquisitions  |  Bonds

EA, whose unsolicited bid for the publisher of last month's blockbuster "Grand Theft Auto IV" video game expired at 11:59 p.m. on Friday, said the offer would expire on June 16, extended from the previous deadline of May 16.

EA said about 6.2 million shares, or about 8 percent, of Take-Two had been tendered in the offer. Take-Two has rejected the bid, saying it undervalues the company.

The U.S. Federal Trade Commission previously asked for more information about the proposed buyout. Extending the tender deadline will allow the FTC's review of the proposed deal to continue, EA's senior vice president of EA corporate development, Owen Mahoney, said in a statement.

Additional details were not immediately available.

Take-Two shares closed Friday at $27.10 on Nasdaq, some 5.2 percent above the $25.74 per share offered by Electronic Arts.

(Reporting by Ajay Kamalakaran in Bangalore and Jessica Hall in Philadelphia; Editing by Kim Coghill and Dave Zimmerman)
Stocks
Mergers & Acquisitions
Bonds


More from Reuters

A boy looks for recyclable items in the polluted waters of the Yamuna river in New Delhi December 9, 2009. REUTERS/Rupak De Chowdhuri

U.N. Climate Change Conference

Welcome to our live coverage of the U.N. Conference on Climate Change. This is your space to respond to our panelists and voice your views on the events at COP15.  Full Coverage 

    Discovery Communications Wellness Center medical technician Charline Faison notes patient medical information during an appointment at the clinic in the Discovery Communications headquarters buildingin Silver Spring, Maryland December 3, 2009. Credit: REUTERS/Jim Bourg

    House calls at the office

    Companies like Discovery say they've found a way to save millions in annual health insurance costs and provide better healthcare for their employees.  Full Article 

    Healthcare Reform
    Felix Salmon

    The banking revolution?

    A couple of firms you've probably never heard of have a few ideas that could revolutionize the broken consumer banking system, says Felix Salmon.  Full Article 

    Felix Salmon