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GTA4 Pushes Take-Two Share Value News
Chris Leyton
29/04/2008
Rising beyond EA's offer, it appears Take-Two shareholders were wise to back Zelnick's defiant stand...
With the world gearing up for the release of GTA4, it seems the hysteria has cemented Strauss Zelnick's decision to reject EA's recent Take-Two takeover attempt as "too low".
Watching the "10's" rolling in and smiling gleefully to the tune of $400 million in expected first-week sales, we'd imagine Take-Two's shareholders are relieved to see the publisher's share value reach a daily high of $27.10 per share - beyond EA's initial $26 and current offer of $25.74 per share.
Such movements have prompted surprised market analysts to call for a revised offer from EA to settle the bid once and for all. With some claims that an extra "couple of bucks" could be enough for Zelnick and his team to move on, it seems that the fight to hold off until the release of GTA4 has afforded them a period of smugness at EA's expense.
Of course as a result of Take-Two's recently revised incentive stock plan, ZelnickMedia were issued with 1,500,000 newly reserved shares to guard against any hostile takeover attempts - roughly $42 million worth if they can get close to $28 per share from our calculations!
Speaking during the publisher's Annual General Meeting, Strauss confirmed that the board are willing to "consider all strategic alternatives", soliciting any interested parties to begin formal discussions on April 30th.
Could EA finally have its offer accepted the day after GTA4 hits the stores? All we can hope for after a month of corporate pot shots is a quick resolution and get back to enjoying the masterpiece.
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