Take-Two To Shareholders: Give Us Some Breathing Room

Take-Two (TTWO) is trying to buy some time after Electronic Arts (ERTS) proposed a tender offer this morning at $26 per share. It’s asking for a 10-day period to review the EA offer.

But this is a formality: This is the same offer TTWO has already rejected before, and it hasn’t shown any interest in reconsidering. At best the delay gives TTWO is a chance to rack up more pre-orders for Grand Theft Auto IV — ammunition it would use to bolster its argument that the game’s success will boost its shares.

The company’s already made that argument once this week, in so many words: It raised guidance on strong pre-sales of the next game in its hit franchise.

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