Redwood City-Based EA Again Extends Offer for Take-Two

Redwood City, Calif. -- Electronic Arts, the Redwood City-based developer and publisher of video games, said on Monday that it has again extended its $2 billion offer for New York-based Take-Two Interactive Software. The offer, which was set to expire last Friday, has now been extended at least through August 18.  It marks the fifth time that EA has extended the $25.74-a-share tender offer, which Take-Two repeated has rejected as too low. "Extending the tender offer allows the FTC review process to continue," EA said in a statement. As of Friday, just 11.7 million -- or 15% -- of Take-Two's shares had been tendered. In response, Strauss Zelnick, Take-Two's chairman, urged shareholders to continue rejecting the offer. "We are fully engaged in a formal process to evaluate strategic alternatives that have the potential to deliver greater value than EA's inadequate offer," said Zelnick.
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