Electronic Arts Inc. ("EA")
(NASDAQ:ERTS) announced today that it has extended its tender offer for
all of the currently outstanding shares of common stock (including the
associated preferred stock purchase rights) of Take-Two Interactive
Software Inc. ("Take-Two")
(NASDAQ:TTWO) to 11:59 p.m., New York City time, on Monday, June 16
2008, unless further extended. The tender offer was previously set to
expire at 11:59 p.m., New York City time, on May 16, 2008.
"Extending our offer will allow the FTC review
process to continue," said Owen Mahoney
Senior Vice President of EA Corporate Development. "EA´s
offer price remains unchanged at $25.74 per share and our offer is still
subject to conditions that include regulatory approval. As stated
earlier, we retain the right to terminate the offer if the conditions
are not satisfied."
As of 5:00 p.m., New York City time, on Friday, May 16, 2008
approximately 6,210,261 shares of Take-Two had been tendered in and not
withdrawn from the tender offer.
Additional Information and Where to Find It
This press release is neither an offer to purchase nor a solicitation of
an offer to sell securities of Take-Two. The offer to purchase or
solicitation of offers to sell is being made pursuant to a Tender Offer
Statement on Schedule TO (including the Offer to Purchase, Letter of
Transmittal and other related offer documents) filed by EA and EA08
Acquisition Corp. with the Securities and Exchange Commission, or SEC
on March 13, 2008. Before making any decision with respect to the offer
Take-Two stockholders are advised to read these documents, as they may
be amended or supplemented from time to time, and any other documents
relating to the tender offer that are filed with the SEC carefully and
in their entirety because they contain important information, including
the terms and conditions of the offer. These documents may be obtained
at no charge by directing a request by mail to Georgeson, Inc., 199
Water Street, 26th Floor, New York, NY 10038
or by calling toll-free at (800) 213-0473, and may also be obtained at
no charge at the website maintained by the SEC at http://www.sec.gov.
About Electronic Arts
Electronic Arts Inc. (EA), headquartered in Redwood City, California, is
the world´s leading interactive entertainment software company. Founded
in 1982, the Company develops, publishes, and distributes interactive
software worldwide for video game systems, personal computers, cellular
handsets and the Internet. Electronic Arts markets its products under
four brand names: EA SPORTSTM, EATM
EA SPORTS FreestyleTM and POGOTM.
In fiscal 2008, EA posted GAAP net revenue of $3.67 billion and had 27
titles that sold more than one million copies. EA´s homepage and online
game site is www.ea.com. More
information about EA´s products and full text of press releases can be
found on the Internet at http://info.ea.com.
Forward Looking Statements
Some statements set forth in this communication, including those
regarding EA´s offer to acquire Take-Two and
the expected impact of the acquisition on EA´s
strategic and operational plans and financial results, contain
forward-looking statements that are subject to change. Statements
including words such as "anticipate", "believe", "estimate" or "expect" and statements in the future tense are forward-looking
statements. These forward-looking statements are subject to risks and
uncertainties that could cause actual events or actual future results to
differ materially from the expectations set forth in the forward-looking
statements. Some of the factors which could cause results to differ
materially from the expectations expressed in these forward-looking
statements include the following: the possibility that EA´s
offer to acquire Take-Two will not be consummated; the possibility that
even if EA´s offer is consummated, the
transaction will not close or that the closing may be delayed; the
effect of the announcement of the offer on EA´s
and Take-Two´s strategic relationships
operating results and business generally, including the ability to
retain key employees; EA´s ability to
successfully integrate Take-Two´s operations
and employees; general economic conditions; and other factors described
in EA´s SEC filings (including EA´s
Annual Report on Form 10-K for the year ended March 31, 2007 and
Quarterly Report on Form 10-Q for the quarter ended December 31, 2007).
If any of these risks or uncertainties materializes, the offer may not
be consummated, the acquisition may not be consummated, the potential
benefits of the acquisition may not be realized, EA´s
and/or Take-Two´s operating results and
financial performance could suffer, and actual results could differ
materially from the expectations described in these forward-looking
statements.
All information in this communication is as of the initial date on which
this communication was released. EA undertakes no duty to publicly
update any forward-looking statement, whether as a result of new
information, future developments or otherwise.
