All quiet on the Take-Two front

Publisher says it has received no shareholder proposals in advance of looming shareholder meeting and expiration of EA acquisition offer.

Take-Two Interactive has a few big days ahead of it. The publisher's annual shareholder meeting kicks off after the markets close tomorrow, and Electronic Arts' $26 per share offer to acquire the company is set to expire just before midnight on Friday.

With more than enough on its plate already, at least the publisher no longer has to worry about a shareholder revolt like the one that took place at last year's annual meeting. Take-Two today announced that the April 15 deadline for shareholders to nominate opposing candidates for the company's board of directors or propose other new business has passed without incident.

The publisher has been under pressure to sell to Electronic Arts since February, when EA went public with an offer to purchase all outstanding Take-Two shares at what was then a 64 percent premium. The offer totaled roughly $2 billion, which Take-Two execs insisted was undervalued and was an opportunistic attempt to piggyback on the success of Grand Theft Auto IV, which is set for an April 29 launch.

As of this writing, Take-Two's shares were trading down $.37 to $25.88.

176 Comments

  • ctg867

    Posted Apr 18, 2008 10:53 pm PT

    Well I'm glad the shareholders are supporting the company. If they fell, it's a definite that Take-Two would be gone. Hopefully GTA IV sells the 9.5 million copies world wide, or the $400 million dollars, or what ever numbers they're putting out there. Regardless, I'll be 1 of the 9.5 million, and $60 from the $400 million.

  • speed45823

    Posted Apr 18, 2008 4:53 am PT

    hey check out the new and improved profile of john retardello on the following website.

    http://en.wikipedia.org/wiki/Electronic_Arts#EA_under_Probst.2FRiccitiello

  • cocomacoco

    Posted Apr 18, 2008 2:57 am PT

    Great news!!!!

  • ahyumifan

    Posted Apr 17, 2008 10:44 pm PT

    That's very good news to hear.
    Eat the crap EA.

  • Sutton

    Posted Apr 17, 2008 8:13 pm PT

    nate1222: Gaming fell victim to this years and years ago. Now we have ratings systems and downloadable demos (which we've also had for years and years, although this concept is new to consoles) that allow us to pick and choose what we think we might like. And you know what? As crazy as this sounds, there are ratings systems for movies, too. People that rate these movies and video games are called CRITICS, and it's their job to inform us of a good or bad movie/video game. Of course, a lot of people disregard these opinions and find out for themselves whether the movie/video game is any good, but the ratings systems keep rabid idiots from COMPLAINING about how much crap is coming out of the Movie/video game biz. Everyone knows that as long as there is a machine or organism, there is always excrement, and sometimes very excessive sh**breaks. Oh, and do some research on future tech and then tell me again that the future looks pretty damn boring. Anyway, there are still quite a few "indie" developers and publishers that release GREAT freaking games. By the way... I loathe how everyone complains about EA. How many games do each of you own, or have purchased but no longer own, that have been published by EA?... That's what I thought. After reading my own rant, I just realized that I don't give a flying f***. There will always be a beauty, and there will always be a beast. Get the f*** over it already, sheesh.

  • nate1222

    Posted Apr 17, 2008 5:49 pm PT

    Gaming is going to wind up like movies, music, etc... The BIG companies are going to gobble up the smaller, and usually more interesting, IPs. I haven't 'wanted' to see a movie in forever because of the predictable, conventional crap coming out of Hollywood. Music has been there for YEARS. Now gaming looks poised to fall victim to "minimum risk/by the numbers" BS. I'm going to keep my PS2 and 'older' PC games. At least THEY do something different and diverse. I'm going to wind up a tech/entertainment dinosaur. Mainly because the future looks pretty damn boring.

  • hannify

    Posted Apr 17, 2008 3:03 pm PT

    @commander1122

    you blind? PC is just pirate heaven.

    You really think r* will be stupid enough to realise it on that and diminise profits.

  • ShadowOfKratos

    Posted Apr 17, 2008 2:49 pm PT

    Im starting to hate EA... BADLY!!!

    If Take Two sells out to EA... I hope R* goes solo & keep doing well on their own!!!

  • S2Ghost

    Posted Apr 17, 2008 1:52 pm PT

    How is EA getting away with monopolizing third party companies? They have bought out numerous other third party developers just to get their greedy mitts on credit and money.

  • piett56000

    Posted Apr 17, 2008 12:16 pm PT

    this is a boring article.........

  • anti-viper

    Posted Apr 17, 2008 11:58 am PT

    Come on Take Two! Hang on a bit longer! As soon as GTA's out, your home free!

  • commander1122

    Posted Apr 17, 2008 11:56 am PT

    but sad....is....WHERE PC GTA 4!!!!!!!!!why that PC alway wan to wait???...is pc no strong enought??compare to ps3 and xbox .......

  • christmasmonkey

    Posted Apr 17, 2008 11:15 am PT

    From what I know, GTA IV is already in stock in some gamestops, saw the boxes myself, so it would be really hard to delay, everyone should be happy.

  • Linadain

    Posted Apr 17, 2008 10:21 am PT

    I'm Sure T2 will if they do sell out to EA they will make an agreement to not delay GTA IV.

  • Vorodor21

    Posted Apr 17, 2008 10:06 am PT

    When has EA ever cared about it's reputation? Look at the slew of bad games they release. Annual releases of the Madden series where anything other then the Madden 200_ part of the title rarely gets changed. Superman, Need for Speed...need I go on? The reason all these games sell as well as they do is because of a bevy of uninformed, clueless people who buy these games year after year simply because they are "established" series.

  • Hvac0120

    Posted Apr 17, 2008 10:05 am PT

    "Preparations for Grant Theft Auto IV" - I just blogged a little about this http://kjaklive.com/showArticle.aspx?id=2 - I'd love to hear other opinions

  • ps3thabest

    Posted Apr 17, 2008 9:27 am PT

    a few more days if it gets delayed they will have electronic arts blood on da hands of angry gamers

  • CFoust91

    Posted Apr 17, 2008 9:12 am PT

    It will sell enough in my oppinion to refuse the offer. $400 million in first week alone! Think about the rest of the years sales and console sales.

  • Hvac0120

    Posted Apr 17, 2008 9:04 am PT

    EA delaying the game would be typical and unexpected. Yet, it would be one of the most idiotic and upsetting things to happen in the game industry.

    Look at how many pre-orders are already out there for this game. Can you imagine 3-5 million pissed of gamers? I don't think EA's reputation could handle another blow like that.

    Let's just hope that T2 does give in and sell-out that EA does not have the power to change anything about the game, including it's release date. Then let's continue to hope that EA doesn't tear apart the teams at the Rockstar studios that have continued to provide great games over the years.

    If T2 decides to hang in there, I hope that GTA IV is a big enough seller to help them get back on their feet. Maybe what T2 needs to do is let Rockstar go out as an independent developer? Then EA wouldn't be able to bring in Rockstar with a purchase of T2. Anyway, gamers will be on the edge of their seats these next couple days.

  • CFoust91

    Posted Apr 17, 2008 8:49 am PT

    If the deadline is this Friday and EA does buy T2, could that possibly delay GTA IV? It seems unlikely but I'm not sure. Delaying the game 2 weeks before it is released would really suck, EA would probably release the game later in the year towards Christmas, the only thing is that unlike most games I don't think GTA IV would really sell a whole lot better, it is destined to sell out immediately regardless. I don't see EA's logic in delaying the game. I'm just glad I reserved my copy 2 weeks ago. I just want to know what the possibility of another suck ass delay.

  • GTA4ADWCOD4GAME

    Posted Apr 17, 2008 8:47 am PT

    EA make grate football/soccer games for americans. But i dont want them to buy over T2. I wouldnt really care if EA bought T2 just as long as they dont hold back GTA 4 any longer. I mean it i will fly to EA and **** slap everyone of those EA T***s if they do!!!

  • AffeTron

    Posted Apr 17, 2008 8:39 am PT

    Money is power, and EA has a lot of that...
    But i doubt that they will delay GTA IV, I don`t think Rockstar would let them do it.

  • chief_527

    Posted Apr 17, 2008 8:34 am PT

    @Heroface
    The only reason T2's share is right below what EA is offering is because EA offered the buy them in the first place. What don't you look up what the stock was for T2 before the take over? If you know simple math their stock was about $16 and that was including GTA4's value. If for some reason the transaction is not processed, T2 shares will go down the drain -- guaranteed. You say "EA were just being cheeky sly manipulative effers…" I'm wondering why you think that. Once the buy out is processed do you think EA will make all the profit from GTA4? Please stop being so naive. Use logic, Activision and Vivendi are still merging, so logic will tell you that EA's buy out will take a couple of months before it's actually complete. You seem to dislike EA but decide to turn a blind eye on T2's actions. Did you read about their severance plan? Or how they forgot to mention the private offer EA made to their share holders? Did you forget about how they haven't made any profit in 2 years? Yeah I'm sure you have. To me it seems that T2 is the one being sleazy and shady…

  • CFoust91

    Posted Apr 17, 2008 8:29 am PT

    As long as future GTA games are not compromised, and influenced in any way by EA then it doesn't matter unless your a fan of other T2 games like 2K sports. In my oppinion EA probably makes some of the worst games, although I don't think they will change R* North at all, and as long as they don't it really doesn't matter. I just don't want to see EA take over the world.. or at least the industry.

  • volcomstoner180

    Posted Apr 17, 2008 8:23 am PT

    I JUST WANT GTA 4!!

  • BringTheBlood

    Posted Apr 17, 2008 8:21 am PT

    EA just needs to back off, there is no reason for T2 to sell right now, especially with GTA coming out on the 29th. All EA wants to is to share in something that isnt theirs. They are a greedy company that wants everything for themselves. if they would have left the buy out till a while after GTA came out, i dont think there would have been such an up roar in the whole take over. i dont think T2 would have went down any easier but it would have made the situation a lot better for both companys at least.

  • CFoust91

    Posted Apr 17, 2008 8:17 am PT

    I don't think there is any reason that T2 would sell out, we all know GTA IV is going to be huge and is expected to sell $400 million in the first week alone. That is obviously going to jump the shares above $26 and even more so as more copies will be sold during the month, and year. T2 is obviously not going to sell out, it would be stupid. EA needs to stop trying to take over the industry and focus on making good games themselves. My suggestion, suck it EA!

  • heroface

    Posted Apr 17, 2008 7:19 am PT

    [Quote: Vodoo "According to Gamespot, the current share price is at $25.88. EA was offering $26/share. Right now there's not much incentive to sell. With GTA4 around the corner, the price is only going to rise above $26."]

    that's the point... EA were just being cheeky sly manipulative effers.. if they'd left their offer till after GTA they probably wouldn't have become so frowned upon.. but because everything was so blatantly about profit they are totally the bad guys in all this... T2 & R* have been doing all the work on this for years and they basically want to 'join the gang' as the boss just in time for it to start raining gold on the company's heads! which we all know it will!... i'm surprised they didn't jump on bungie 2 months before halo 3.. it would have been the same story

    this is the first time in my whole life that i've even given a damn about stocks and shares and finance and junk

  • markharris31

    Posted Apr 17, 2008 6:46 am PT

    And do you know when the share price went up from under $16 to over $25? Right after EA bid $26 per share to buy them out. Look it up if you'd like, it's the truth. EA basically set the value of T2 by offering the $26 per share price. Before that they were down around $15 and some change. Sooooo, the true market value of the company pre-GTA is somewhere down around $15 per share, and it is trading at an inflated $25 per share because they have a potential $26 per share buyout on the table.

  • Vodoo

    Posted Apr 17, 2008 6:32 am PT

    According to Gamespot, the current share price is at $25.88. EA was offering $26/share. Right now there's not much incentive to sell. With GTA4 around the corner, the price is only going to rise above $26.

  • Merl57

    Posted Apr 17, 2008 6:26 am PT

    well the share holders are being stupid why pull your investments out before GTA4 because you don't like 2k being independent from EA?

  • markharris31

    Posted Apr 17, 2008 6:26 am PT

    This is absurd... do you actually think Take Two gives two rats asses about any of you "gamers"? They're in it for the money just like anyone else. Read through the article histories and comprehend what T2 has said and done. First, they turned down the EA bid (which was WAY overpriced at the time and would have been great for shareholders) because they said it was undervalued. So it had nothing to do with making quality games, or not being part of EA, or caring about gamers... they just wanted MORE MONEY. Next they go ahead and put in a bunch of provisions and bonuses for themselves (the executives) in case they were fired after a buyout. That seems likely since they have done a terrible job managing a money-bleeding T2 over the years. Would you like to know why execs put those provisions in? Because they think it's likely shareholders will approve the buyout. The EA offer way more than fair, and they clearly took the value of the GTA franchise into account when they offered a 64% premium over the current share price as part of their buyout bid. So tell me, where in any of this T2 turn down have they said even ONE WORD about game quality or caring about gamers?

  • rodsergio2004

    Posted Apr 17, 2008 6:19 am PT

    I don't care, as long as I get my GTAIV

  • shadowkiller11

    Posted Apr 17, 2008 6:04 am PT

    lol sw33tjimmy careful you maybe giving EA ideas if they get take two which they better not.

  • sw33tjimmy

    Posted Apr 17, 2008 5:54 am PT

    GTA V: The SIMpranos... marketing gold. You'll be able to design your secret hideouts and front shops with the spring line of designer wallpapers, all while talking to whores until they love you enough to take you to the heart shaped bed.

  • lowkey254

    Posted Apr 17, 2008 5:26 am PT

    I can see it now...
    GTAV by EA

    Regular purchase 59.99
    Super Ultimate limited *screw all gamers* Collectors Edition (with extra in game content) 89.99

  • nexxus99

    Posted Apr 17, 2008 4:54 am PT

    if EA acquires TT, I will never play GTA again. because i know it will be a crap game like Fifa series..
    the same boring $hit every year

  • shadowkiller11

    Posted Apr 17, 2008 4:32 am PT

    come on take two, do it for the real gamers, don't let EA get you.

  • agustbestur

    Posted Apr 17, 2008 3:44 am PT

    only 11 days, 15 hours, 39 minutes and 4 seconds

  • rg420

    Posted Apr 17, 2008 2:57 am PT

    I have been following the stock market for T-2 over the last few day and I'd like to say that (accoding to bussnessweek.com) TTWO ...aka T-2 closed today at 26.09 a share ....so relax a lil' and let's see what happens

  • killhazard

    Posted Apr 17, 2008 1:15 am PT

    Well to those that are hoping they won't hold it back until the holidays, don't worry. First off there isn't a possibility of TT going to EA. Or well there IS a possibility but I don't know, it seems very unlikely. That's just personal opinion. But even if EA does buy them out I'm sure it'll still sell on the 29th of this month. I mean they can lose a lot of money not selling it. How? Getting sued. Boxes are out, reservations are reserved, and you think they can get away with pushing it back without getting something in return?

    TT needs money. They used a lot of it and time to make this game. Theres no way they can afford to push it for the holidays. I think TT AND EA are bot aware of that.

  • jackle2071

    Posted Apr 17, 2008 12:25 am PT

    Hold tight Take Two. only 12 more days.

  • sherif77

    Posted Apr 17, 2008 12:10 am PT

    EA ruins Every game they get their hand on with mindless advertisement. They even managed to put more mindless advertisement in a game like Nascar that is full of advertisement.......but EA can't let go of one part of the screen with no logo on it from Dodge or any other company. They bought out the Burnout Series and put their dumb ass advertisement all over the open city. As far as I'm concerned they get their hand on GTA, I'll be happy there is a Saint Row. That is why all of us gamers need to stop nagging which game is better and support the good product regardless which is older. Might as well enjoy them while we can, next thing you know EA will be bidding for Violation (opps I"ve given them an idea) my work here is done.

  • JEEBUS_BOGONDO

    Posted Apr 16, 2008 11:07 pm PT

    Wedbush Morgan Securities analyst says publisher would have "economic incentive" to bump Rockstar's heavily anticipated gangster epic to holiday quarter.- So help me god I hope this isnt true because I'm more hyped up for this game than a 10 year old is hyped for christmas

  • speed45823

    Posted Apr 16, 2008 10:10 pm PT

    EA those dirty bastards. F U john ritardenello. U f uking bastard. they gonna screw up GTA 4.

  • rumtumtugger

    Posted Apr 16, 2008 10:08 pm PT

    C-Un1 t "I wouldn't call the new Bard Hero class "staying out of Blizzard's hair." It stinks of cross-marketing. Lmao at the chump who actually believed the April Fools joke..."

    Can't Blizzard like Guitar Hero?

  • C-Un1t

    Posted Apr 16, 2008 9:41 pm PT

    litewo "activision will stay out of blizzards hair with their games"

    I wouldn't call the new Bard Hero class "staying out of Blizzard's hair." It stinks of cross-marketing. Lmao at the chump who actually believed the April Fools joke...

  • DrKill09

    Posted Apr 16, 2008 9:23 pm PT

    C'mon, Take 2! Get GTA out first! I already had to put up with Manhunt 2 getting delayed (and edited) a week before release. I don't want that to happen again!

  • MonkeManFoSho

    Posted Apr 16, 2008 9:05 pm PT

    plz GTA just go gold already!!!!!!!!!! no delay plz!!!!!!!!

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