Electronic Arts Extends Offer As Take-Two Shareholders Back Their Board
This story was written by Joseph Weisenthal.
Electronic Arts (NSDQ: ERTS) has extended its offer to buy rival gamer Take-Two to May 16th, following a series of new developments the first came yesterday morning, when EA reports that the FTC had requested more info on its offer to ensure that the deal, if completed, would not be anti-competitive. Then last night, Take-Two shareholders expressed their support for management, re-electing the company's entire slate. Shareholders also approved a special share issue to Zelnick Media, prompting EA to lower its bid slightly, from $26 to $25.74, to reflect the increased share count. EA had already threatened to do this in a filing last month. The announcement. says that as of yesterday evening, 6,432,787 shares had been tendered. Release.
By Joseph Weisenthal