Take-Two completes strategic review, decides to remain independent

By Lisa Kerner

Charlotte, N.C., Oct. 2 - Take-Two Interactive Software, Inc. said it has completed its review of strategic alternatives.

The company's board of directors decided that continuing to operate and build Take-Two as an independent company is in its shareholders' best interests, a company news release said.

"We are strongly positioned creatively, financially and competitively to benefit from the opportunities we see in the fastest growing segment of the entertainment industry," chairman of the board Strauss Zelnick said in the release.

"Our strong cash position - with no debt and an undrawn $140 million credit facility - gives us the financial flexibility to continue to do what we do best: innovate and create the great games that our customers have come to expect," chief executive officer Ben Feder added.

In September, Electronic Arts Inc. said it would not make a proposal to acquire Take-Two and discussions between the two companies ended.

EA let its unsolicited, conditional $25.47-per-share tender offer for Take-Two expire in August after extending the offer several times since March. Only 15% of Take-Two's stock had been tendered under the offer as of July 18, it was previously reported.

Earlier in the year, Take-Two had rejected two prior offers from EA - one for $25.00 per share and one for $26.00 per share.

Take-Two and EA are interactive entertainment software companies based in New York and Redwood City, Calif., respectively.

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