Take-Two Interactive Software, Inc. Recommendation of the Board of Directors to Reject Electronic Arts Inc.’s Tender Offer March 2008
Aspyr Media, Inc. announced today that The Sims Castaway Stories for Mac, the third release in the product line The Sims Stories, has begun shipping to retail stores throughout North America. The Sims Castaway Stories, licensed by Electronic Arts, was developed for Mac by Aspyr Studios
The Board of Directors of Take Two Interactive Software, Inc. today recommended that Take Two stockholders take no action at this time in response to the announcement by Electronic Arts Inc. that it has made an unsolicited conditional tender offer to acquire all of Take Two's outstanding shares of common stock for $26 per share in cash.
Software (in 2007 had) phenomenal growth, riding the wave of hugely successful title launches such as (Microsoft's) Halo 3, (Activision Inc's) Guitar Hero III and (Electronic Arts Inc's) Rock Band. In fact, the focus for 2008 will be in the software category, where CEA estimates a 26 percent increase in sales over 2007
Taito has produced some of the all time games classics such as Space Invaders, Puzzle Bobble, and Arkanoid - as well as innovating with new titles such as Cooking Mama. This deal gives EA Mobile immediate access to an incredibly popular catalogue on existing devices while offering us the opportunity to bring these titles to new mobile platforms
This acquisition is a major milestone in growing our mobile business in Asia. Hands-On Mobile Korea brings us a great leadership team, proven studio talent, and outstanding carrier and OEM handset manufacturer relationships
EA is saying they have a fair offer out there, but if they can strike a deal that's close to that, there is some willingness by EA to go over a bit above the current offer ... But they want to see Take-Two come to the table.
EA's highly conditional offer fails to compensate our stockholders for our exceptional portfolio of intellectual property, world-class creative resources, and our successful revitalization initiatives
As stated earlier, we retain the right to terminate the offer if the conditions are not satisfied.
EA's offer price remains unchanged at $25.74 per share, and our offer is still subject to conditions that include regulatory approval
This is the same highly conditional proposal that EA offered Take-Two stockholders on March 13, 2008, which our Board of Directors thoroughly reviewed and unanimously determined to be inadequate and contrary to the best interests of Take-Two's stockholders. As such, the recommendation of our Board of Directors that stockholders not tender their shares to EA remains unchanged