EA Prepares itself for Take-2 acquisition, gets $1 billion loan
EA has secured $1 billion funding in order to prepare itself for EA-Take2 merger. (should it happen)
Morgan Stanley Senior Funding Inc, Morgan Stanley Bank, BNP Paribas, BNP Paribas Securities Corp, The Bank of Nova Scotia and KeyBank National Association have made the commitment to provide EA with the additional USD 1 billion in financing at any time prior to January 9, 2009.
EA would be required to repay the loan, plus interest, within a year of the date the funds were initially borrowed or by August 9, 2009.
EA originally proposed $2 billion buy-out offer for Take-Two back in March which was rejected by Take-2. After that, EA tried hostile takeover but that didn’t work as Take-2 told share holders to hold off, after which Take-2 revealed they are willing to discuss take-over terms after GTA IV releases.
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