Take-Two Urges Shareholders To Withhold Action

Following EA's hostile move to purchase outstanding shares at its original $26 per share, Take-Two has released a statement urging shareholders to withhold action until the publisher can review and consider the proposal over the next two weeks. Take-Two has repeatedly and firmly stated that EA's offer undervalues the company and its portfolio of original IP, and the actions it has taken in recent months to turn the company's operations around. In its statement, Take-Two says it will be consulting with independent financial and legal advisors -- Bear Starns and Lehman Brothers on the financial side, and Proskauer Rose LLP on the legal side -- on the latest EA move. The company then says that within 10 business days, it will "advise Take-Two’s stockholders of the Board’s position regarding the offer as well as its reasons for that position."