EA Lowers Bid, Take-Two Laughs

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Written by BuckGB on April 18th, 2008

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[EA's proposal] undervalued the company at $26 per share, and it certainly undervalues Take-Two at $25.74," chairman Strauss Zelnick, said in a statement Friday following the revised offer.

The hostile bid for the Grand Theft Auto publisher has so far granted EA with just over 6.4 million shares, or 8.3 percent of Take-Two's total shares as of market close Thursday.

Zelnick added, "The minuscule number of shares tendered, as well as the strong vote in favor of the proposals presented at our annual meeting, offer indisputable evidence that our stockholders regard our efforts to enhance Take-Two's stockholder value as superior to the EA offer."

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