According to CVG, Take-Two has said that it expects to sign a confidentiality agreement with EA, which in turn would give EA the power to enter Take-Two’s formal process to evaluate strategic alternatives.
Chairman of Take-Two, Strauss Zelnick, said, "We welcome EA into our formal process and look forward to demonstrating to their Board the significant strides made by Take-Two since they last undertook a detailed review of our business in early 2007.
"Our Board remains unwavering in its belief that EA's unsolicited conditional tender offer of $25.74 per share was inadequate and undervalued Take-Two's world-class entertainment franchises and our strong operational and financial performance."
CEO Ben Fider also made a statement, saying, "We are continuing to consider all alternatives that will maximize value to our stockholders. As part of that commitment, we are engaged in discussions with other parties as part of a formal process to generate greater value and will act quickly to assist EA in moving expeditiously through our process.
"In the meantime, we remain focused on executing on our business goals and creating value for stockholders and consumers of our products."
Take-Two seem to have been quite addiment that EA’s courting was in vein. However, it finally seems as though Take-Two might be caving in to EA’s offers.
By Gaetano Prestia
Submitted by Gaetano
20/08/2008
82
2
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