02-26-2008, 05:20 AM
|
#13
|
|
Senior Member
Join Date: Jan 2008
Location: England 2.0
PS3 Network ID: Zapix
Xbox Live ID: Zapix
Posts: 474
|
Oh, and here's a good laugh. EA stocks went down!
http://www.bizjournals.com/sanjose/s...ml?jst=b_ln_hl
Quote:
Shares of Take-Two Interactive Software Inc. posted a record gain Monday after Electronic Arts Inc. announcement on Sunday that it had made a $2 billion offer for the maker of the popular "Grand Theft Auto" games.
Redwood City-based Electronic Arts (NASDAQ:ERTS) offered $26 a share, 50 percent above New York-based Take-Two's (NASDAQ:TTWO) closing price of $17.36 on Friday. But Take-Two's shares rose above the offer price on Monday, jumping 55 percent to $26.89.
That was a record gain ever for the company, which went public in 1997.
EA's stock dropped more than 5 percent Monday to $46.50 before closing at $47.14.
EA said it made its proposal in a letter sent Feb. 19 that Take-Two's board rejected, prompting it to reveal the offer publicly. EA previously offered $25 a share on Feb. 15.
"Our all-cash proposal is a unique opportunity for Take-Two shareholders to realize immediate value at a substantial premium, while creating long-term value for EA shareholders," EA Chief Executive John Riccitiello said in a written statement. "Take-Two's game designers would also benefit from EA's financial resources, stable, game-focused management team, and strong global publishing capabilities."
EA is known for games such as "Madden NFL" and "Need for Speed." It employs 7,710 and posted $76 million in net income on $3.1 billion in revenue it its most recently completed fiscal year, which ended last March.
Take-Two employs 1,900 and posted a $134 million loss on $982 million in revenue in its most recent fiscal year, which ended in October.
|
|
|
|