Archived News:

Sunday, Feb 24, 2008 Qtest Released (1996)

EA Looks to Take Take-Two

Electronic Arts has announced they are looking to buy Take-Two Interactive for a whopping 2 billion dollars. The article offers the text of a letter sent to Take-Two from EA Chief Executive Officer John Riccitiello describing the all-cash offer that has been rejected by Take-Two. EA is now making this public in the hopes that Take-Two shareholders will find it appealing and exert pressure on the board to accept it. Here's a summary:
REDWOOD CITY, Calif.--(BUSINESS WIRE)--Electronic Arts Inc. (“EA”) (NASDAQ: ERTS - News) today announced that it has proposed to acquire Take-Two Interactive Software, Inc. (“Take-Two”) (NASDAQ: TTWO - News) in an all-cash merger valued at approximately $2.0 billion.

EA’s proposal of $26 per share in cash represents a premium of 64 percent over Take-Two’s closing stock price on Feb. 15th, the last trading day before EA sent its revised proposal to Take-Two, and a 63 percent premium over Take-Two’s 30-day trailing average price over the thirty trading days ending on that date.

EA’s proposal was contained in a letter sent on Feb. 19th by EA Chief Executive Officer John Riccitiello to Strauss Zelnick, Executive Chairman of the Board of Directors of Take-Two. The Take-Two Board’s subsequent rejection of the EA proposal led to EA’s decision to release the letter and bring its proposal to the attention of all Take-Two shareholders.

Mr. Riccitiello said today: “Our all-cash proposal is a unique opportunity for Take-Two shareholders to realize immediate value at a substantial premium, while creating long-term value for EA shareholders. Take-Two’s game designers would also benefit from EA’s financial resources, stable, game-focused management team, and strong global publishing capabilities.”

The EA letter warned that further Take-Two delay in accepting EA’s proposal could prevent Take-Two’s shareholders and other constituents from realizing its benefits. “There can be no certainty that in the future EA or any other buyer would pay the same high premium we are offering today,” Mr. Riccitiello wrote. The letter added that timely completion of the proposed transaction would allow EA’s strong publishing and distribution network to positively impact the ongoing post-launch sales of GTA IV and support the new Take-Two titles scheduled for launch later in the year and during the holiday selling season.

As noted in EA’s Feb. 19th letter, EA’s proposal is not conditioned on any financing requirement. It is, however, subject to certain customary conditions as set forth in the letter. EA’s $26 per share proposal is based on the current equity capitalization of Take-Two. Although EA indicated in the letter that its proposal was subject to negotiations commencing by Feb. 22nd, EA intends to keep its proposal open for the present to give Take-Two’s shareholders and Board of Directors further time to consider it.

CryENGINE2 versus Reality

This CryENGINE2 vs Reality Comparison movie on shows off the power of Crytek's engine by recreating the surreal reality of that Sony BRAVIA TV ad that bounced a quarter-million superballs down the streets of San Francisco (thanks Mike Martinez and Joystiq). This clip (thanks SLI) offers the CryEngine2 edition alone.

Game Guidance

EA Command & Conquer 3 Tiberium Wars Command School Episode 5 is online (thanks Ant and C&C Den). Here's how the new video is described: "In this episode Producer Greg Kasavin will unleash new strategies for Command & Conquer 3 involving EMP and Stealth tactics with all 3 factions, as well as Tier 3 counters such as flanking with Zone Troopers with jet packs..we bet many of you have never used that tactic before. You'll also witness another brilliant Command School honors submission and the ever-popular tip of the week."

Sunday Preview

Sunday Hardware Reviews

Out of the Blue

I had been planning on bidding for Take-Two myself, but unfortunately I invested my last two billion dollars in HD DVD stock. Oh well.

Ill-Timed Links: Thanks Ant and Mike Martinez.
Link of the Day: Retro Sabotage. Very clever. Thanks Neatorama.
Story: Big Ghostbusters Announcement?! Thanks Digg.
Boyfriend on roof punches weaving driver.
Science!: Flu Shots Fail: Flu Spreads Across U.S.
Media: How to Ruin Xbox Live...
Weirdest and Coolest break dancing I've seen.
Windmill Destroyed By Wind.
Teh Funny: FoxTrot.
About That Ad Blocker
We see you're using an ad blocker. While we strive to make our ads behave, we understand your desire for peace and privacy. So please consider becoming a supporter to take advantage of the no ads version of Blue's News. This will help sustain our efforts to bring you the best in gaming and tech news without requiring you to see ads or suffer a guilty conscience. You'll even get a nifty forum badge that will be the envy of the neighborhood!
Support the Site!