It looks like the battle to take over Take-Two may be going the distance if the Board of Directors of the game publisher has anything to say about the matter. Take-Two released an official statement today and said that EA’s offer to buy out T2 was insufficient and "opportunistic."
"The EA Offer is opportunistic and has been timed to take advantage of the upcoming release of Grand Theft Auto IV, one of the most valuable and durable franchises in the interactive entertainment software industry and the Company’s biggest selling and most profitable franchise.
"The Board of Directors believes the full commercial potential of the game will not be evident until after its release, and that the EA Offer was timed to capture the value of that anticipated commercial success at the expense of the Company’s stockholders."
In plain everyday language, Take-Two is basically saying EA is trying to cheat T2 out of gobs of money when GTA4 is released and the value of the company goes up.
That doesn’t mean that T2 won’t sell out to EA…it’s just that the price isn’t right yet. The press release states that the Board is looking out for the interests of its shareholders by trying to get the best price.
"The Company’s management and Board of Directors remain entirely focused on generating the maximum value for stockholders. Stockholders elected new senior management and members of the Board of Directors less than one year ago because of this team’s commitment to, and track record of, creating stockholder value, and industry experience."
Ok, so bottom line is more money. It’s probably only a matter of time before the EA behemoth swallows up another game company, but one has to wonder, will EA ever switch over in making more of their own unique games instead of just buying them?
Don’t hold your breath, sports fans.
