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[reuters] Electronic Arts launches hostile offer for Take-Two

post #1 of 29
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Quote:
SAN FRANCISCO (Reuters) - Electronic Arts Inc (ERTS.O: Quote, Profile, Research) launched on Thursday a hostile offer for rival video game maker Take-Two Interactive Software Inc (TTWO.O: Quote, Profile, Research) at $26 a share, taking the $2 billion bid directly to stockholders.
Take-Two, publisher of the popular "Grand Theft Auto" - or "GTA" - series, last month rejected EA's unsolicited all-cash offer at the same price. The bid represents a 64 percent premium over Take-Two's closing stock price on February 15, the last trading day before EA sent the proposal to the company.
"We believe that the offer we made is compelling. It is a full price and the longer we go on, the less valuable the asset is to us. At least so far, Take-Two's board is indicating they don't want to negotiate," EA Chief Executive John Riccitiello told Reuters in an interview.
Take-Two responded with a statement advising shareholders to take no action for now on EA's offer. Take-Two executives have argued that EA is trying to buy the company on the cheap just before the April 29 launch of "GTA 4", widely expected to be one of the best-selling games of 2008.
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post #2 of 29
I vote they kick EA in the ass and say "^@&@ off we dont want to join you" All EA will do is buy the company and ruin it...
post #3 of 29
Oh hell no. EA FTL.
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post #4 of 29
EA ruins everything it touches.

Since Take two is the only other maker of sports games, this should be seen as monopolistic.
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post #5 of 29
Genre makes no difference towards monopolies, as long as there as are other major companies making games, then nothing is wrong.
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'bout time.
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post #6 of 29
Anyone down to start a big angry mob and go over to EA's headquarters and start trashing everything?
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post #7 of 29
EA needs to go away TakeTwo is great and shouldn't be messed with.
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post #8 of 29
They don't HAVE to let themselves be sold... if they don't want to be bought then they shouldn't say "ok" to any offers.

Not sure what the big deal is.

But I sure hope it doesn't happen, and if it does happen at least let it be AFTER GTA4 comes out and makes a lot of money, making the company worth more and cost EA more money.
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post #9 of 29
Quote:
Originally Posted by TriplePlay View Post
They don't HAVE to let themselves be sold... if they don't want to be bought then they shouldn't say "ok" to any offers.

Not sure what the big deal is.

But I sure hope it doesn't happen, and if it does happen at least let it be AFTER GTA4 comes out and makes a lot of money, making the company worth more and cost EA more money.
I don't know alot about stocks, but Take Two is a publicly traded company. I'm pretty sure, if EA wanted to, they could convince the stockholders to sell their shares to them.

Then again, I could be wrong.
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post #10 of 29
Quote:
Originally Posted by TriplePlay View Post
They don't HAVE to let themselves be sold... if they don't want to be bought then they shouldn't say "ok" to any offers.

Not sure what the big deal is.

But I sure hope it doesn't happen, and if it does happen at least let it be AFTER GTA4 comes out and makes a lot of money, making the company worth more and cost EA more money.
Quote:
Originally Posted by Puckbandit35 View Post
I don't know alot about stocks, but Take Two is a publicly traded company. I'm pretty sure, if EA wanted to, they could convince the stockholders to sell their shares to them.

Then again, I could be wrong.
http://www.yourdictionary.com/hostile-takeover

Hostile Take-Over -
A takeover of a corporation that is launched without the approval or agreement of the target corporation.
A takeover doesn’t technically become hostile until the potential acquirer formally bypasses the board of directors and takes its offer directly to shareholders in a proxy contest.
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