Take-Two Says Other Companies Besides EA Interested in Merger
By Amanda Fehd/
The Associated Press
SAN JOSE, Calif. — Take-Two Interactive Software Inc., maker of the "Grand Theft Auto" video game series, said Thursday that other companies are interested in buying it, but Take Two has not received any formal offers and is not negotiating a merger with anyone.
The company rejected a $2 billion buyout offer this week from Redwood City, Calif.-based Electronic Arts Inc.
Take-Two, which is based in New York, said in a filing with the Securities and Exchange Commission Thursday that since EA issued a press release on Sunday expressing interest in the company, it has received other "informal indications of interest in a business combination."
Take-Two "has not engaged in any substantive discussions with any party (including EA) with respect to a business combination," the filing said.
The statement said that information was up-to-date as of Wednesday and the company does not plan to update shareholders on any merger discussions unless it is legally required to do so.
The filing was required ahead of Take-Two's annual meeting of shareholders on April 10.
A company executive said this week that Electronic Arts is undervaluing Take-Two and not factoring in the benefits of its recent turnaround efforts. Take-Two said it is open to discussions with EA but wants to wait until April 30, the day after the latest version of Grand Theft Auto hits store shelves.
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