The hostile takeover bid of of game publisher and developer
Take-Two Interactive (
TTI) by rival
Electronic Arts (
EA) expired yesterday.
EA Chief Executive Officer John Riccitiello made it clear in a letter to Strauss Zelnick, Executive Chairman of
TTI's Board of Directors,
and posted on
EA's website, that they were no longer pleased with the timing of the would-be deal.
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Quote:
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[W]e no longer believe we can integrate Take-Two ahead of the important holiday season. Accordingly, we require due diligence to support a transaction and are therefore letting the tender offer expire tonight.
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That said, it appears that only this chapter in the story has ended and not the story itself. Riccitiello's letter continues:
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Quote:
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However, we are pleased to accept your offer to review your management presentation as outlined in your letter. We continue to have great respect for Take-Two's creative teams and products and are hopeful that we can work together to reach a mutually agreed transaction.
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EA includes Zelnick's letter in question immediately after their CEO's response.
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Quote:
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Thank you for your recent expression of interest [of your company] to participate in [our] formal process to evaluate [our] strategic alternatives. [..] As I mentioned when we spoke on Friday, our process begins with an in-depth management presentation. [..] I believe our presentation will enable you to understand better the value of our [c]ompany to EA.
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No specific timeline on the delivery of this presentation is suggested, but Zelnick does indicate that they "will act quickly to assist you in moving through our process" given the months that have passed since
EA first expressed an interest in acquiring
TTI.
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