The slugfest is not over yet. As most of you know, earlier Take Two Released that they were unanimously rejecting EA’s offer as inadequate and undervalues the company.

Here is the email response from EA:

Electronic Arts Inc. e-mail response to inquiries from the press regarding the response of Take-Two Interactive Software, Inc. to the tender offer set forth in Take-Two’s Solicitation/Recommendation Statement on Schedule 14D-9 filed with the SEC on March 26, 2008.

 

It is regrettable for stockholders that Take-Two’s Board of Directors has not accepted EA’s offer. EA believes that a combination of EA and Take-Two is in the best business interest of all parties.

EA’s offer price of $26.00 per share is full and fair, and reflects the value of Take-Two’s intellectual properties, talent, and operational progress. EA’s all-cash, tender offer commenced on March 13 is the most certain way to create stockholder value, and represents a 64% premium over Take-Two’s closing stock price on February 15, the last trading day before EA sent its revised proposal to Take-Two.

EA’s tender offer is a clear process for Take-Two stockholders to maximize the value of their investment. By advising its stockholders to reject the offer, Take-Two’s Board is exposing them to further delays which may reduce the value and the certainty of a potential transaction.

EA’s tender offer is currently scheduled to expire on April 11, 2008.

So now the next step, the interesting thing I see here is the wording of the action of Take Two’s Board is exposing them to further delays which may reduce the value and the certainty of a potential transaction.

Doesnt this seem to be a bit backwards, we are only a month and three days from GTA IV’s release, and everyone is expecting this to skyrocket Take Two’s worth, so I truely believe if EA is going to make a move, its going to happen real soon. Though the question is whether they can actually do anything untilr the offer expires. Any market Guru’s that could help us explain this would be greatly appreciated.

We currently have emails into T2 and EA about the latest. We will keep yoou updated.