T2 vs EA: And The Sex Was Lousy, Too!
It's like Angela and Tony. It's like Lorelei and Luke. It's like... McCartney and Stella?
In the on-again/off-again, will-they/won't-they relationship between Take-Two and EA, it's often been a one-sided romance for EA, whose aggressive come-ons have taken up headlines for most of this year. T2, while occasionally flirty and usually coy, has more or less stuck to its line of "That's not enough money and we didn't ask, so take your free drinks and your incredibly stuffed package and go rub up against some other financially sound celebrity game publisher, bitch!"
Now it seems that the less-than-secret "secret negotiations" between the two game giants have finally ended, and EA was spotted at a local chutney stand trying to hide its tears behind several enormous bags of money. T2, on the other hand, has already told the entire neighborhood that it "don't need no man anyway":
"Take-Two's business has continued to strengthen since the time EA first made its offer. We have delivered terrific products to our consumers and we've been rewarded with very strong financial performance. We have an exciting future ahead of us, powered by our profitability, a significant cash position, the absence of debt, an undrawn credit facility and a terrific lineup of games. We are confident in the unique value of our business given our strong position in what is a growing and dynamic industry,"
In other words, it's ovah. And it'll be just a few scant weeks before T2 starts dating Justin Long, the celeb rebound boy du jour.
PRESS RELEASE
Take-Two Interactive Software, Inc. Comments on EA Announcement
New York, NY - September 14, 2008 - Take-Two Interactive Software, Inc. (NASDAQ:TTWO) today responded to Electronic Arts Inc.'s (NASDAQ:ERTS) announcement that it does not intend to pursue an acquisition of Take-Two at this time.
Strauss Zelnick, Chairman of the Board of Take-Two, commented, "We remain focused on creating value for our stockholders and our consumers. This has been our goal since EA launched its conditional and unsolicited bid six months ago, a bid which was repeatedly rejected by our stockholders. As part of that commitment, we remain actively engaged in discussions with other parties in the context of our formal process to consider strategic alternatives. We're especially proud of the success we've enjoyed over the past eighteen months and we remain confident in our ability to generate value for stockholders."
"Take-Two's business has continued to strengthen since the time EA first made its offer. We have delivered terrific products to our consumers and we've been rewarded with very strong financial performance. We have an exciting future ahead of us, powered by our profitability, a significant cash position, the absence of debt, an undrawn credit facility and a terrific lineup of games. We are confident in the unique value of our business given our strong position in what is a growing and dynamic industry," said Ben Feder, Chief Executive Officer of Take-Two.
tiny dancer
Posted to Hot Stuff, Miscellany on 15 September 2008
· Comments (3)
Other stuff like this: acquisition, ea, merger, t2, take-two
ohmygoditsjustinlonggimmeplz
I love the tales of abyss reference, I love being a geek.
Words cannot express how glad I am that EA won't be buying/ruining one of my favorite companies.