Take-Two Interactive has urged shareholders to take no action following Electronic Arts' official tender for all outstanding shares of common stock of the company.
With the highly-anticipated title Grand Theft Auto IV due for release late next month, Wedbush Morgan has said that it expects the game to sell over nine million units during the fiscal year, and that Take-Two is likely to ship six million of those in the
In conjunction with the release of its financial reports for Q1 2008, Take-Two has announced that BioShock 2 is in development and planned for a Q4 2009 release
Take-Two released its financial results for Q1 2008 today, reporting a net loss of USD 38 million - an increase of 77 per cent from its Q1 2007 net loss of USD 21.5 million
Take-Two has been sued by a shareholder alleging that the company's management improperly tried to keep the Electronic Arts buyout offer secret to enrich its executives
Publisher Take-Two is feeling the wrath of its shareholders as its two biggest owners of stock have massively reduced their stakes in the company, while a shareholder lawsuit has demanded that stockholders have the right to elect directors at the company
Take-Two Interactive has set up a severance plan to cover its employees in the event of a take-over, according to a filing with the US Securities and Exchange Commission.
Warren Jenson has told an investor's conference that EA is keen to give Take-Two's "diamonds" a chance to shine brighter on the global stage, and that he hopes continued industry creativity will lead to further acquisition opportunities in the future.
Take-Two has stated that following its rejection of EA's USD 2 billion acquisition offer, the company has received interest from other companies interested in a merger.
A recent filing based on an amendment to the agreement between the Take-Two board and ZelnickMedia has highlighted some interesting changes in light of the offer by Electronic Arts to acquire the company.
Electronic Arts CEO John Riccitiello has expressed his admiration for the Rockstar senior management team, and held them up as a source of inspiration for his own restructuring of EA since June last year.
Electronic Arts CEO John Riccitiello has revealed that a transaction to buy Take-Two was at an advanced stage last April, and would have gone ahead, had he not pulled the plug at the eleventh hour and recommended against it to the EA board.
Electronic Arts has said that it waited until the development of Grand Theft Auto IV was complete before making a formal proposal to acquire its publisher Take-Two Interactive.
Take-Two has labelled Electronic Arts' USD 2 billion buy-out offer as "inadequate" and "opportunistic", as EA attempts to take advantage of the struggling Grand Theft Auto publisher.
Wedbush Morgan Securities analyst Michael Pacther said that sports games, not Grand Theft Auto alone, provide the impetus for EA's offer to purchase Take-Two
Take-Two Interactive Software has announced several executive appointments, including naming current non-executive chairman Strauss Zelnick to the position of executive chairman