Sunday, February 24, 2008
Take-Two Interactive responded to today's hostile takeover bid from Electronic Arts for $2 billion. In the new release from Take-Two, the board confirms EA’s offer and states it as “inadequate in multiple respects and not in the best interests of Take-Two’s stockholders.” They believe they are trying to take advantage of them in their time of greatness.
"After careful evaluation, the Board has determined that EA’s proposal substantially undervalues Take-Two’s robust and enviable stable of game franchises, exceptional creative talent and strong consumer loyalty.Take Two Executive Chairman Strauss Zelnick is quoted:
We believe EA’s unsolicited offer is highly opportunistic and is attempting to take advantage of our upcoming release of Grand Theft Auto IV, one of the most valuable and durable franchises in the industry."
Seems as they know what Electronic Arts really wants so they are delaying discussion on this after the release of Grand Theft Auto IV on April 30, 2008. Go Take-Two!
"Electronic Arts’ proposal provides insufficient value to our shareholders and comes at absolutely the wrong time… Thanks to the extraordinary efforts of our creative and business teams, Take-Two has made enormous strides in the past 10 months toward our common goal of being the most creative, innovative and efficient company in our industry…
Given the great importance of the Grand Theft Auto IV launch to the value of Take-Two, the Board has determined that the only prudent and responsible course for our Company and its stockholders is to defer these discussions until immediately after Grand Theft Auto IV is released.
Therefore, we offered to initiate discussions with EA on April 30th, 2008 (the day after Grand Theft Auto IV is scheduled to release). We believe this offer demonstrated our commitment to pursuing all avenues to maximize stockholder value, while we believe that EA’s refusal to entertain this path is evidence of their desire to acquire Take-Two at a significant discount, whereas we believe this value rightly belongs to our stockholders.
[BREAKING - Take Two Fires Back at EA]
If you head over to the official website for Codemasters' upcoming Race Driver: GRID, you'll see a countdown timer with just about a day left.
It seems this is the countdown till their official website opens. So give it a checkout tomorrow for all the (assuming) new screens and such that may be available.
Electronic Arts today announced that it has proposed to buy Take-Two Interactive in a cash merger of just about $2 billion big ones.
The offer set Take-Two's stock at $26 per share, which is about 64% over the company's percent over the company's closing stock price prior to the company's February 15, 2008 offer. In the letter sent to Take-Two, EA CEO John Riccitiello stated that the buy-out would help the company and it's stock holders.
"Our all-cash proposal is a unique opportunity for Take-Two shareholders to realize immediate value at a substantial premium, while creating long-term value for EA shareholders. Take-Two's game designers would also benefit from EA's financial resources, stable, game-focused management team, and strong global publishing capabilities.\ ... There can be no certainty that in the future EA or any other buyer would pay the same high premium we are offering today."They also stated that Electronic Arts could help out a lot with the launch of Grand Theft Auto IV. You can read the full letter at the link below.
[EA Makes Offer to Buy Take 2]
SEGA released a new trailer today for their upcoming Iron Man game based off the upcoming feature film. The trailer looks sick and the graphics look beautiful. The trailer ends with the lines written in the title. Definately worth a watch. Enjoy!
US PLAYSTATION 3 ReleasesThere you have it, I'm looking forward to check out Turning Point, but I'll wait till we get the demo. I might be picking up Lost Planet, but I really don't want to use up another five gigs on my hard drive.
- Lost Planet: Extreme Condition (February 26, 2008)
- LOST: Via Domus (February 26, 2008)
- Turning Point: Fall of Liberty (February 26, 2008)
EU PLAYSTATION 3 Releases
- BlackSite: Area 51 (February 29, 2008)
- Lost Planet: Extreme Condition (February 29, 2008)
- LOST: Via Domus (February 29, 2008)
- Turning Point: Fall of Liberty (February 29, 2008)
Asian PLAYSTATION 3 Releases
- LOST: Via Domus (February 26, 2008)
The Februaray 2008 issue of PLAY Magazine features Afro Samurai and Grand Theft Auto IV. Tucked away within the Grand Theft Auto IV preview was this: "The game is both PS3 and 360, but Rockstar has suggested that all further game development is going to be PS3 exclusive."
Whether this is true or not, we don't know. Perhaps they are just going to make the PLAYSTATION 3 lead-platform or perhaps Sony just payed Rockstar a crap-load of money.
[Rumor: Rockstar going PS3-exclusive after GTAIV?] [image]