PRESS RELEASE
Take-Two Interactive Software, Inc. (NASDAQ:TTWO) today confirmed that it expects to sign a confidentiality agreement with Electronic Arts allowing EA to enter into Take-Two's formal process to evaluate strategic alternatives. Take-Two also affirmed that it is continuing its discussions as part of this process to maximize value for stockholders.
Take-Two also noted that EA will allow its unsolicited conditional tender offer to acquire all of Take-Two's outstanding shares to expire at 11:59 p.m., New York City time, today.
Strauss Zelnick, Chairman of Take-Two, commented, "We welcome EA into our formal process and look forward to demonstrating to their Board the significant strides made by Take-Two since they last undertook a detailed review of our business in early 2007. Our Board remains unwavering in its belief that EA's unsolicited conditional tender offer of $25.74 per share was inadequate and undervalued Take-Two's world-class entertainment franchises and our strong operational and financial performance."
Ben Feder, Chief Executive Officer, added, "We are continuing to consider all alternatives that will maximize value to our stockholders. As part of that commitment, we are engaged in discussions with other parties as part of a formal process to generate greater value and will act quickly to assist EA in moving expeditiously through our process. In the meantime, we remain focused on executing on our business goals and creating value for stockholders and consumers of our products."
