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TAKE-TWO INTERACTIVE SOFTWARE, INC. RESPONDS
TO ELECTRONIC ARTS' FOURTH EXTENSION OF TENDER OFFER

New York, NY— June 17, 2008 — 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.

"The latest extension of EA's unsolicited, highly conditional tender offer does not alter the fact that their proposal still significantly undervalues Take-Two, a fact that is reflected in the overwhelming number of stockholders who still have not tendered their shares," said Strauss Zelnick, Chairman of the Board of Take-Two. "Our Board of Directors remains in unanimous agreement that the proposal is contrary to the best interests of Take-Two stockholders, and the Board continues to recommend that stockholders not tender their shares to EA. The Board remains focused on the strategic process that began formally on April 30 to consider all alternatives to maximize 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."

Ben Feder, Chief Executive Officer, commented, "Take-Two's vast potential to create and enhance stockholder value has become even more evident in recent weeks, with the runaway success of Grand Theft Auto IV, a product pipeline that is one of the strongest and most creative in our history, and continued operational and financial progress. We believe that any alternative we consider must fully reflect the value we are creating and capture that value for the benefit of our stockholders."

For more information, please visit www.taketwovalue.com.

Member Comments
# 1 Spectre @ 06/17/08 01:45 PM
I don't think anybody takes these "deadlines" seriously anymore.
 
# 2 BlyGilmore @ 06/17/08 02:24 PM
nope. its all just posturing. still only a matter of time for this to happen in my opinion and that isn't helped by the fact Take Two's stock continues to hover around the $26 price EA offered.
 
# 3 bkfount @ 06/17/08 03:57 PM
Quote:
Originally Posted by BlyGilmore
nope. its all just posturing. still only a matter of time for this to happen in my opinion and that isn't helped by the fact Take Two's stock continues to hover around the $26 price EA offered.
but I also assume they don't want to get caught with their pants down like Yahoo. MS pulled their offer, stockholders got mad that Yahoo had absolutely nothing for alternatives, and the stock ended up worse than before MS placed the bid.
 
# 4 texbuk84 @ 06/17/08 06:37 PM
EA offer undervalues TTWO and that's the bottom line cause Zelnick said so..
 
# 5 allBthere @ 06/17/08 07:29 PM
EA's stock isn't so hot right now. If I had any extra cash I'd grab some shares, since around madden time the stock will be around the 52 week high - that's like a 12-15 dollar increase per share, the problem is you have to invest thousands for it to make you a lot of money.

back to this TT takeover crap...so far the shareholders aren't selling - if EA pulled the offer, there is no reason for them to be upset since they've had all the time in the world to sell.

Also if EA pulled the offer, the stock price would suffer, but would be right back up there pending another offer, since in my opinion the current price per share (pps) is a good reflection as to the true value of Take Two. Also I have to repeat old posts of mine that this takeover is not inevitable as so many people want to believe - that thinking is for micheal patcher lol...

On another note, I wouldn't mind if Ubisoft got in on the action, that would be a great game of who's got the bigger dik.
 
# 6 BlackNGold @ 06/18/08 10:41 PM
What would make the Ubisoft thing interesting is the fact that EA owns 25% of their voting shares.
 
# 7 auburntigersfan @ 06/19/08 10:54 AM
is this gonna happen or not, it seems it's been going on for months now.
 
# 8 bigfnjoe96 @ 06/19/08 04:10 PM
Quote:
In a regulatory filing, Take-Two Interactive announced today it reached an agreement with the U.S. Federal Trade Commission to work with the FTC and allow regulators to continue the investigation into antitrust issues related to the takeover bid by Electronic Arts.
And the plot thickens......

http://news.teamxbox.com/xbox/16858/...ment-with-FTC/
 
# 9 mjb2124 @ 06/20/08 11:20 AM
Quote:
Originally Posted by auburntigersfan
is this gonna happen or not, it seems it's been going on for months now.
Which isn't very surprising. These type of things take a long time to happen.

I've worked for companies that were bought and it took years to get everything finalized.
 
# 10 LIGHTNING @ 06/25/08 12:31 PM
The more time the FTC takes to ponder anti trust concerns, the more likely this takeover will be denied.
 
# 11 BlackNGold @ 06/25/08 04:10 PM
Quote:
Originally Posted by LIGHTNING
The more time the FTC takes to ponder anti trust concerns, the more likely this takeover will be denied.
It wasn't the FTC taking time to ponder but T2 taking their time providing what the FTC requested that delayed things. Probably for that purpose. LoL
 
# 12 fistofrage @ 06/25/08 04:21 PM
2k sports games are just getting worse, their whole lineup this year has major flaws. I'm telling you, they will botch NBA 2k9. At this point there are very few next gen sports titles worth playing.
 
# 13 jmood88 @ 06/25/08 07:36 PM
Can you tell me what you're basing this on? The other 2k games aren't made by VC so I don't see how you can connect games made by Kush and others to nba2k9. 2 out of the 3 games that they made are regarded as very good-great.
 
# 14 allBthere @ 06/26/08 01:05 AM
Quote:
Originally Posted by RealmK
Actually both NHL2k9 and MLB2k9 are being developed by VC as Kush is no longer in business. VC also has had a hand in past NHL and MLB titles as well. The quality in 2k sports titles since going next gen for the most part just isn't there.
The quality in all sports titles isn't there, let's not single out 2k only. basketball and tennis they actually do very well on next gen. EA does well with fight night, and are moving up w/ hockey. Both companies drop the ball on sports games though. Madden is cheap-feeling and no fun anymore (or sim) and basketball is an abomination.

Part of the problem is that they don't have a proper game plan. 'what are we going to do for next-gen?' Other companies in other genres had a clear mandate, but for sports it seems bring the resolution to HD, then add gimicky crap and call it a day.
 
# 15 texbuk84 @ 06/27/08 08:01 AM
same old saga between EA and TTWO they need to make this into a movie called ****** GIM'ME MY GAME BACK.
 

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