Take-Two, Electronic Arts ready to negotiate; tender offer not extended

By Lisa Kerner

Charlotte, N.C., Aug. 18 - Take-Two Interactive Software Inc. will make a presentation containing non-public information to Electronic Arts Inc. following discussions between the two companies over the weekend.

According to Take-Two, it will share information related to the company's three-year product release schedule and management's projections.

Electronic Arts is required to enter into a confidentiality agreement ahead of the presentation.

In addition, Electronic Arts said it is letting its unsolicited conditional $25.47-per-share tender offer for Take-Two expire on Aug. 18 at 11:59 p.m. ET. The offer had been extended several times since March.

It was previously reported that only 15% of Take-Two's stock had been tendered under the unsolicited offer as of July 18.

In February, Take-Two turned down Electronics Arts' original unsolicited offer to acquire the company for $25.00 per share and then said no to a revised $26.00-per-share offer.

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

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