14 DAY TRIAL // Although only a few days have gone by since Electronic Arts revealed an offer to buy Take Two the saga goes on. Take Two have recently declared that after the release of GTA IV, in late April this year, they might be willing to talk with EA.
A statement from the company reads: "We believe EA's unsolicited offer is highly opportunistic and is attempting to take advantage of our upcoming release of Grand Theft Auto IV, one of the most valuable and durable franchises in the industry." As such the offer could not be accepted by Take Two.
Take Two declared that the company and its board are currently implementing a plan for the turnaround of the cash strapped company and that the release of GTA IV on April 29 is the key step in this turnaround. As such, all offers from Electronic Arts would only be discussed after the launch of the main franchise published by Take Two, when board members hope that sales and publicity will drive the company shares and the company image up. EA will then be forced to negotiate on terms that are more favorable to Take Two than they are now.
Strauss Zelnick, executive chairman of Take-Two, has labeled Electronic Arts' USD 2 billion buy-out offer as "inadequate" and "opportunistic". He pointed out the pressure that EA applied on the board members of Take Two by making the offer public is especially un-welcomed, as a big release date is fast approaching. He then urged EA to negotiate with Take Two after the release of GTA IV and without making further moves until that time.
EA suits are having a conference call latter today to determine the next move in the Take Two acquisition saga. We'll keep you posted as details emerge.