ALL - Take-Two Interactive Rejects Latest EA Buyout Offer
Take-Two's Board of Directors has officially turned down the latest offer from Electronic Arts to purchase the company. They made themselves very clear, stating the offer was not in the best interests of the stockholders and seriously undervalued the worth.
Take-Two issued a recent press release with their reasons for not accepting the deal. Here is a summary:
* EA's Offer price is inadequate and substantially undervalues the Company.
* The Company's financial advisors, Bear Stearns and Lehman Brothers, have each delivered an opinion stating that, as of the date of such opinion, the EA Offer price was inadequate, from a financial point of view, to the stockholders of the Company.
* The Company's directors and executive officers believe that the EA Offer price is inadequate and do not intend to tender their Shares.
* The Board of Directors is committed to exploring strategic alternatives to maximize stockholder value and may be able to find a better alternative to the EA Offer.
* The timing of the EA Offer is opportunistic.
* The EA Offer does not reflect progress in the Company's revitalization efforts.
* The EA Offer does not reflect the Company's potential synergy value that a proposed combination with EA would create.
* The EA Offer does not properly reflect the Company's business, financial condition, current business strategy and future prospects. The Board of Directors believes that management's and the Board of Directors' understanding of and familiarity with the Company's business, financial condition, current business strategy and future prospects has not been fully reflected in the Company's results of operations or Share price.
* The consideration offered by EA is taxable. The consideration offered by EA would in general be taxable to the Company's stockholders.
* The Offer is highly conditional, which results in significant uncertainty that the Offer will be consummated.
T2's Chairman of the Board Strauss Zellnick did say while they are open to "informal discussions" it would not be in the best interests of the stockholders to accept an offer at the wrong place and time from EA.
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