Will attempt to remain independent
Last modified on Saturday, 04 October 2008 05:58
Take-Two Interactive Software, Inc. has said that it plans to remain an independent company. Until last month, Take-Two was a hostile takeover target by Electronic Arts for nearly the past five months. Take-Two, the manufacturer and developer of the "Grand Theft Auto" video game series, has said that its decision followed detailed discussions with "various interested parties."
Take-Two issued a statement that said, "Take-Two's Board of Directors has determined that it is in the best interests of stockholders to conclude its review of strategic alternatives and to continue operating and building Take-Two as an independent company." While Take-Two has said it was weighing its options with other suitors, it is not known who the other interested parties may be.
EA had proffered a hostile bid worth nearly $2 billion, and Tale-Two rejected that bid as inadequate. While some analysts have cautioned about potential declining sales and risks in the event the company loses key employees, Take-Two’s Chairman, Strauss Zelnick, reiterated that the company is still on solid ground, as it still has hugely successful video games such as Bioshock and its 2K Sports series.
According to Zelnick, "We are strongly positioned creatively, financially and competitively to benefit from the opportunities we see in the fastest growing segment of the entertainment industry."