Take-Two/EA Saga - Part IV

The magical fairy tail of a capitalist corporation hell-bent on swallowing a talented publisher continues…..

Press Release:

Take-Two Interactive Software, Inc. (NASDAQ:TTWO) today responded to Electronic Arts Inc.’s (NASDAQ:ERTS) announcement that it is extending for a fourth time its unsolicited conditional tender offer to acquire all of Take-Two’s outstanding shares.

As reported by EA, only 6,139,824 of Take-Two’s outstanding shares, or approximately 7.9% of the total, tendered into EA’s offer as of 5:00 p.m. Eastern time on June 16, 2008. Read more

2K Games Announces Sid Meier’s Civilization IV: Colonization

Sid Meier’s Classic title Colonization is getting a remake as a stand-alone title. Developed by Firaxis Games, Colonization will take advantage of Civilization IV game engine. The game is scheduled to ship in Fall 2008, exclusively on PCs.

Press Release:

2K Games, a publishing label of Take-Two Interactive Software, Inc., announced today that Sid Meier’s Civilization IV: Colonization, the next offering in the award-winning Civilization IV universe, is currently in development at 2K’s world-renowned Firaxis Games development studio. Conceived from the ground up to take advantage of the Civilization IV engine, Colonization will be available fall 2008 exclusively for Games for Windows.

Full press release, 3 screenshots and a fact sheet after the jump.

Read more

Take-Two responds to EA’s Takeover extension offer

More twists & turns in Take-Two/EA fairytale, Take-Two’s response is still NO.

Press Release:  

Take-Two Interactive Software, Inc. (NASDAQ:TTWO) today responded to Electronic Arts Inc.’s (NASDAQ:ERTS) announcement that it is extending for a third time its unsolicited conditional tender offer to acquire all of Take-Two’s outstanding shares. As reported by EA, only 6,210,261 of Take-Two’s outstanding shares, or approximately 8.0% of the total, tendered into EA’s offer as of 5:00 p.m. Eastern time on May 16, 2008. Read more

BioShocking Hollywood

 

The critically acclaimed first-person-shooter from 2K Games is now coming to the big screen. 2K Games has come to terms with Universal Studios to develop a movie based on the successful video game. BioShock: The movie will be directed by Gore Verbinski - the director behind Pirates of Caribbean trilogy.

2K Games announced today that it has reached an agreement for BioShock®, the universally acclaimed smash-hit video game, to be developed as a feature film by Universal Pictures. 2K Games, whose 2K Boston and 2K Australia studios developed BioShock, is a video game publishing label of Take-Two Interactive Software, Inc. (NASDAQ: TTWO).

Read more

Take Two Rejects EA’s Takeover Proposal

Remember that Final Decision in 10 days news? Well, it’s been Ten days, and the official judgment is out; Take-Two has rejected EA’s Takeover deal. According to the press release: The Board of Directors of Take-Two Interactive Software, Inc. (NASDAQ:TTWO) today announced that it has thoroughly reviewed Electronic Arts Inc.’s (NASDAQ: ERTS; “EA”) unsolicited conditional tender offer with the assistance of its financial and legal advisors and unanimously determined that the $26.00 per share cash offer is inadequate in multiple respects and contrary to the best interests of Take-Two’s stockholders. Accordingly, the Board recommends that stockholders not tender any of their shares to EA. The basis for the Board’s unanimous decision is set forth in Take-Two’s Schedule 14D-9 filed today with the Securities and Exchange Commission. Read more

Largest Shareholders of Take-Two Slash Stakes

The two biggest owners of shares in Take-Two Interactive Software Inc said on Monday they drastically cut their stakes in the video game publisher. U.S. mutual fund company Oppenheimer Funds, Take-Two’s biggest shareholder, halved its holdings to 8.8 million shares, or 11.5 percent, down from the 23 percent stake it held previously, according to U.S. regulatory filings. FMR LLC, the parent company for the Fidelity mutual funds that was the second-largest owner of Take-Two shares, also reported that it had slashed its stake to 2.75 percent from 14.7 percent. Read more

Take-Two forms severance plan in case of takeover

Take-Two Interactive Software Inc. the target of a $1.9 billion buyout offer by Electronic Arts Inc , said on Friday it had adopted a severance plan for employees who get fired in the event the company is bought. The plan, adopted on March 3 and detailed in a filing with the U.S. Securities and Exchange Commission, will give executives up to 1.5 times their salary and bonus for up to 18 months if they are fired without cause within a year of a change in control. Read more