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.
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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.