BOSTON (Thomson Financial) - Take-Two Interactive Software Inc. said Tuesday
that Electronic Arts' tender offer "significantly undervalues" the company, and
it recommends Take-Two stockholders not tender their shares to Electronic Arts
as the offer is not in their best interests.
"The board remains focused on the strategic process that began formally on
April 30 to consider all alternatives to maximize value," said Strauss Zelnick,
chairman of Take-Two's board. "We believe that these alternatives, which may
include a business combination or remaining independent, will deliver greater
value to stockholders than the current Electronic Arts offer."
Take-Two's statement was in response to Electronic Arts' extension of its
tender offer to July 18, in which it said its offer of $25.74 per share remains
unchanged.
Shares of Take-Two, a New York-based videogame developer, closed Monday at
$26.40.
Electronic Arts' shares finished the session at $47.06.
Greg Saulnier
gs/pc
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