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EA deadline on Take-Two passes | EA deadline on Take-Two passes |
(20 minutes later) | |
A deadline set by US video game giant Electronic Arts for shareholders in Take-Two Interactive Software to accept a $1.9bn(£968m) offer has passed. | A deadline set by US video game giant Electronic Arts for shareholders in Take-Two Interactive Software to accept a $1.9bn(£968m) offer has passed. |
EA revealed its unsolicited $25.74 a share move for Take-Two, the owner of Grand Theft Auto, back in February. | EA revealed its unsolicited $25.74 a share move for Take-Two, the owner of Grand Theft Auto, back in February. |
EA took the offer directly to Take-Two shareholders after its board rejected the bid as undervaluing the company. | EA took the offer directly to Take-Two shareholders after its board rejected the bid as undervaluing the company. |
Neither firm commented after Friday's midnight deadline, set by EA as the expiration for acceptance of its offer. | Neither firm commented after Friday's midnight deadline, set by EA as the expiration for acceptance of its offer. |
'Few more dollars' | 'Few more dollars' |
Take-Two's board had refused to discuss a takeover with EA before the 29 April launch of "Grand Theft Auto IV." | Take-Two's board had refused to discuss a takeover with EA before the 29 April launch of "Grand Theft Auto IV." |
The title sold 926,000 copies in its first week. | |
Take-Two saw its stock close at $27.10 on the Nasdaq, down 0.8% but 5.2% above the $25.74 per share offered by EA. | |
"The market's probably suggesting that EA should come up with a few more dollars and that may be a likely a scenario," said Colin Sebastian, an analyst with Lazard Capital Markets. | "The market's probably suggesting that EA should come up with a few more dollars and that may be a likely a scenario," said Colin Sebastian, an analyst with Lazard Capital Markets. |
"It doesn't seem like shareholders would tender at $25.74 if the stock is trading at $27." | "It doesn't seem like shareholders would tender at $25.74 if the stock is trading at $27." |