Post by Meltd0wn on Sept 15, 2008 14:49:48 GMT
No tears spilled for EA's loss from me though.
It's official - Grand Theft Auto V will not be released under the Electronic Arts brand.
EA has just issued a press release announcing that it has decided not to continue its lengthy pursuit of Take-Two Interactive.
The two sides have been talking, but those negotiations appear to have broken down. At this point it's unclear what made EA decide to give up its nearly seven-month long bid to acquire T2. From the EA release:
Electronic Arts Terminates Discussions with Take-Two
REDWOOD CITY, Calif.—(BUSINESS WIRE)—Electronic Arts Inc. (“EA”) (NASDAQ:ERTS) today announced that while EA continues to have a high regard for Take-Two’s creative teams and products, after careful consideration, including a management presentation and review of other due diligence materials provided by Take-Two Interactive Software Inc. (“Take-Two”) (NASDAQ:TTWO), EA has decided not to make a proposal to acquire Take-Two and has terminated discussions with Take-Two.
John Riccitiello, Chief Executive Officer of EA, said: “EA is tracking toward a record breaking year. We’re launching 15 new games including award-winners like SPORE, Dead Space and Mirror’s Edge, great new titles from the Sims, new family titles with Hasbro, and the highest quality slate of EA SPORTS titles on this generation of consoles. We’re also expanding beyond our core business with a series of direct-to-consumer launches including Warhammer Online.”
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Take-Two Interactive Software, Inc. Comments on EA Announcement
NEW YORK—(BUSINESS WIRE)—Take-Two Interactive Software, Inc. (NASDAQ:TTWO) today responded to Electronic Arts Inc.’s (NASDAQ:ERTS) announcement that it does not intend to pursue an acquisition of Take-Two at this time.
Strauss Zelnick, Chairman of the Board of Take-Two, commented, “We remain focused on creating value for our stockholders and our consumers. This has been our goal since EA launched its conditional and unsolicited bid six months ago, a bid which was repeatedly rejected by our stockholders. As part of that commitment, we remain actively engaged in discussions with other parties in the context of our formal process to consider strategic alternatives. We’re especially proud of the success we’ve enjoyed over the past eighteen months and we remain confident in our ability to generate value for stockholders.”
“Take-Two’s business has continued to strengthen since the time EA first made its offer. We have delivered terrific products to our consumers and we’ve been rewarded with very strong financial performance. We have an exciting future ahead of us, powered by our profitability, a significant cash position, the absence of debt, an undrawn credit facility and a terrific lineup of games. We are confident in the unique value of our business given our strong position in what is a growing and dynamic industry,” said Ben Feder, Chief Executive Officer of Take-Two.
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I bet both companies stocks dropped some today. Especially EA with their latest issues with all the angry SPORE customers. lol
UPDATE: Take-Two and Electronic Arts have seen a drop in share prices following the announcement that the companies are no longer in talks about a possible acquisition, according to Bloomberg.
The Grand Theft Auto IV publisher's stock price fell 5.1 per cent on the Nasdaq Stock Market, dropping by USD 1.12 cents to the USD 20.77, while EA lost 3 per cent to USD 43.66.
Take-Two's share price has continued to decline from its high of USD 27.65 in June, following traders unease over the likelihood of EA succeeding in its unsolicited bid of USD 25.74 a share.
However, despite the recent fall, Take-Two's stock is still 26 per cent higher than it was before Electronic Arts first revealed its interest for the company.
(Source Business Wire.com)
It's official - Grand Theft Auto V will not be released under the Electronic Arts brand.
EA has just issued a press release announcing that it has decided not to continue its lengthy pursuit of Take-Two Interactive.
The two sides have been talking, but those negotiations appear to have broken down. At this point it's unclear what made EA decide to give up its nearly seven-month long bid to acquire T2. From the EA release:
Electronic Arts Terminates Discussions with Take-Two
REDWOOD CITY, Calif.—(BUSINESS WIRE)—Electronic Arts Inc. (“EA”) (NASDAQ:ERTS) today announced that while EA continues to have a high regard for Take-Two’s creative teams and products, after careful consideration, including a management presentation and review of other due diligence materials provided by Take-Two Interactive Software Inc. (“Take-Two”) (NASDAQ:TTWO), EA has decided not to make a proposal to acquire Take-Two and has terminated discussions with Take-Two.
John Riccitiello, Chief Executive Officer of EA, said: “EA is tracking toward a record breaking year. We’re launching 15 new games including award-winners like SPORE, Dead Space and Mirror’s Edge, great new titles from the Sims, new family titles with Hasbro, and the highest quality slate of EA SPORTS titles on this generation of consoles. We’re also expanding beyond our core business with a series of direct-to-consumer launches including Warhammer Online.”
-----------
Take-Two Interactive Software, Inc. Comments on EA Announcement
NEW YORK—(BUSINESS WIRE)—Take-Two Interactive Software, Inc. (NASDAQ:TTWO) today responded to Electronic Arts Inc.’s (NASDAQ:ERTS) announcement that it does not intend to pursue an acquisition of Take-Two at this time.
Strauss Zelnick, Chairman of the Board of Take-Two, commented, “We remain focused on creating value for our stockholders and our consumers. This has been our goal since EA launched its conditional and unsolicited bid six months ago, a bid which was repeatedly rejected by our stockholders. As part of that commitment, we remain actively engaged in discussions with other parties in the context of our formal process to consider strategic alternatives. We’re especially proud of the success we’ve enjoyed over the past eighteen months and we remain confident in our ability to generate value for stockholders.”
“Take-Two’s business has continued to strengthen since the time EA first made its offer. We have delivered terrific products to our consumers and we’ve been rewarded with very strong financial performance. We have an exciting future ahead of us, powered by our profitability, a significant cash position, the absence of debt, an undrawn credit facility and a terrific lineup of games. We are confident in the unique value of our business given our strong position in what is a growing and dynamic industry,” said Ben Feder, Chief Executive Officer of Take-Two.
--------------
I bet both companies stocks dropped some today. Especially EA with their latest issues with all the angry SPORE customers. lol
UPDATE: Take-Two and Electronic Arts have seen a drop in share prices following the announcement that the companies are no longer in talks about a possible acquisition, according to Bloomberg.
The Grand Theft Auto IV publisher's stock price fell 5.1 per cent on the Nasdaq Stock Market, dropping by USD 1.12 cents to the USD 20.77, while EA lost 3 per cent to USD 43.66.
Take-Two's share price has continued to decline from its high of USD 27.65 in June, following traders unease over the likelihood of EA succeeding in its unsolicited bid of USD 25.74 a share.
However, despite the recent fall, Take-Two's stock is still 26 per cent higher than it was before Electronic Arts first revealed its interest for the company.
(Source Business Wire.com)
