magerette
Hedgewitch
- Joined
- October 18, 2006
- Messages
- 7,834
Voodoo Extreme posts the latest developments in Electronic Art's attempt to acquire publisher/developer TakeTwo Interactive:
TakeTwo previously rejected this bid as too low, and the decision now goes to the shareholders. VE gives the definition of tender bid here:Electronic Arts Inc. (“EA”) today announced that a wholly owned subsidiary of EA commenced a tender offer for all of the currently outstanding shares of common stock of Take-Two Interactive Software, Inc. (“Take-Two”) for $26.00 per share in cash.
The offer is valued at approximately $2 billion and represents a 64% premium over Take-Two’s closing stock price on February 15, the last trading day before EA sent its revised proposal to Take-Two.
EA Chief Executive Officer John Riccitiello: “This is a great opportunity for Take-Two shareholders. We believe Take-Two investors will see our tender offer as the best way to maximize the value of their investment in Take-Two. This tender offer provides a clear process to complete the proposed transaction. For EA shareholders, the combination would add additional intellectual properties to our already strong portfolio and welcome Take-Two’s talented creative teams to the great development organization we’ve built at EA.”
More information.A tender offer is a corporate finance term denoting a type of takeover bid. The tender offer is a public, open offer (usually announced in a newspaper advertisement) by an acquirer to all stockholders of a publicly traded corporation to tender their stock for sale at a specified price during a specified time, subject to the tendering of a minimum and maximum number of shares. Tender offers are made directly to shareholders and are commonly used to takeover a target company when that company's board of directors does not approve the acquisition.
- Joined
- Oct 18, 2006
- Messages
- 7,834