Take-Two investors not pushing for EA takeover
April 17, 2008 3:00 pm EDT - Despite Take-Two's attempts to rebuff Electronic Arts over its proposed takeover bid, EA is still taking the necessary procedural steps to get the merger approved. On Thursday, it disclosed the Federal Trade Commission had contacted it for more information its on its proposal.
The FTC has not come to a decision on whether a merger would be anti-competitive, although EA obviously asserts that it is not. It said that the press release was neither an offer to purchase, nor a solicitation for proxies to be considered at Take-Two's shareholder meeting to take place this evening.
However the timing of the announcement couldn't be any more timely, considering.
April 16, 2008 5:20 pm EDT - Take-Two said in a statement Wednesday that it had not received any shareholder proposals for its investors to vote upon ahead of its shareholder meeting.
Investors had until April 15 to submit proposals for consideration at the meeting, and apparently there were none. The company also appears disinterested at bringing up the Electronic Arts buyout offer.
This would also indicate EA's effort to take its case to Take-Two's shareholders fell on deaf ears. If the company is still interested, it looks as if it may need to pursue other avenues to acquire the company.
Shareholders of record as of February 19, 2008 who can show proof of ownership and identification are allowed to attend the meeting at the W Hotel in New York City after the close of the markets on Thursday.
The buyout offer from EA expires at midnight on Friday, and by all accounts, the Take-Two board would like to allow the offer to die on its own. That was proposed in February, and was quickly rejected by company officials.
The board may also be breathing a sigh of relief following what occurred at the last shareholder meeting. There, a revolt led to a shuffling of the company's leadership, and the ouster of its CEO.
April 15 was also the deadline for nominations for new members of the board: none were received before the deadline there, either.