Take Two Interactive Fires Back

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Well, the niceties are now over. After EA went to the Take Two’s Stockholders earlier this morning, T2 has now answered back.

Within the last hour T2 has issued a statement to its stockholders, asking them not to answer the call of EA. Here is the statement in its entirety.

Take-Two Interactive Software Advises Stockholders To Take No Action In Response To Electronic Arts Offer

 

New York, NY - March 13, 2008 -The Board of Directors of Take-Two Interactive Software, Inc. (NASDAQ:TTWO) today recommended that Take-Two stockholders take no action at this time in response to the announcement by Electronic Arts Inc. (NASDAQ:ERTS) 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.

Consistent with its fiduciary duties, and in consultation with its independent financial and legal advisors, Take-Two’s Board will review and consider EA’s offer, and within 10 business days, will advise Take-Two’s stockholders of the Board’s position regarding the offer as well as its reasons for that position.

Bear Stearns and Lehman Brothers are acting as financial advisors to Take-Two and Proskauer Rose LLP is acting as legal advisor.

So far, the answer to EA is a resounding no, there hasnt been any heavy trading and as a matter of fact the stock of T2 has been up 2.5% or $25.50. The most interesting part is EA’s stock is actually down 1.9%, whether that is EA’s stockholders trying to say they are not happy with this attempt remains to be seen.

This I do know, this has now turned ugly and we are in the early rounds.

 

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