EA Vies for Public Opinion Victory in Take Two Buyout Attempt
Electronic Arts over the weekend made public their strategic 2 billion dollar all cash (cue Austin Powers sound effect) buyout offer of Take Two ahead of the Grand Theft Auto IV release. Take Two flat out rejected the deal as having under valued the stock. EA in response to this rejection appears to be appealing to the court of public opinion in setting up a website detailing the information of the buy out including an FAQ which answers some very interesting questions such as the following.
Is this a hostile proposal?
Our proposal is friendly to Take-Two shareholders, developers, partners, and customers. We continue to seek a friendly, negotiated transaction.Would Take-Two retain its organizational identity?
Take-Two is an organization made up of several extraordinary creative teams at R*, Visual Concepts, Irrational, Firaxis, etc. We’d expect each studio to retain its own unique identity.Would the R* team be happy at EA?
We think so. We have great respect for the R* leadership team and some of our executives have worked with R* leaders while in previous positions with other companies. We believe EA’s decentralized label organization will be attractive to Take-Two’s creative talent.
I know this would be a lot of sports gamer’s worst nightmare. I somehow doubt the team behind the 2K sports games would be left in tact. Although, I do have total confidence in EA’s new organization scheme something about this deal just doesn’t strike me as right. However, EA has cornered the Take Two shareholders which at this point may be understandbly willing to sell due to the stock’s poor performance over the last few years.
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