Electronic Arts’ most recent deadline for Take-Two shareholders to accept its $2 billion offer expired yesterday. Which means, of course, that EA (ERTS) has extended its offer yet again. This new deadline supposedly expires in another month.
EA is still offering Take-Two (TTWO) the same $25.74 it has been since… forever. Earlier this month that seemed like that wouldn’t cut it, as investors had bid up TTWO well past $27, inspired by management’s hints that rival bids were in the offing. But that was then, and the mysterious unnamed bidders have yet to materialise. And now TTWO is dropping yet again. Hard to see what’s going to push it back up again.
Update: We’re still talking to other people, Take-Two says:
The Board remains focused on the strategic process that began formally on April 30 to consider all alternatives to maximise value. We believe that these alternatives, which may include a business combination or remaining independent, will deliver greater value to stockholders than the current EA offer
See Also: Take-Two: Trust Us! We’ve Definitely Got Other Buyers Out There
Take-Two’s (TTWO) Electronic Arts (ERTS) Bill: $3.4 M And Counting
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Does Take-Two Have Other Suitors? (TTWO, ERTS)