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Grand Theft Auto IV
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Playstation 3
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Third Person Action Game
Description
What does the American Dream mean today? For Niko Bellic, fresh off the boat from Europe, it is the hope he can escape his past. For his cousin, Roman, it is the vision that together they can find fortune in Liberty City, gateway to the land of ...
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04-05-08 Review for Xbox 360
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News
More on Take2 vs. EA
Posted on Monday, 25 February 2008 by Speed, source: Gamesindustry.biz
A lot of stuff is going on about the proposed takeover of Take2 by EA and we've got a lineup ready for you.
Take2's initial response to EA's takeover bid isn't a positive one. The publisher feels that Electronic Arts is being opportunistic with Grand Theft Auto IV coming out soon and that their offer of 2 billion dollars is quite insufficient.
you can run but you can't hide!
"We believe EA's unsolicited offer is highly opportunistic and is attempting to take advantage of our upcoming release of Grand Theft Auto IV, one of the most valuable and durable franchises in the industry," said the company.
"Electronic Arts' proposal provides insufficient value to our shareholders and comes at absolutely the wrong time given the crucial initiatives underway at the Company," commented Strauss Zelnick, executive chairman of Take-Two.
"In addition to undervaluing key elements of our business, EA's proposal fails to recognise the value we are building through our ongoing turnaround efforts, which will further revitalise Take-Two."
However, it does seem Take2 is willing to talk further with Electronic Arts but only after GTA4 gets released, something EA on the other hand doesn't really seem to be interested in:"Electronic Arts' proposal provides insufficient value to our shareholders and comes at absolutely the wrong time given the crucial initiatives underway at the Company," commented Strauss Zelnick, executive chairman of Take-Two.
"In addition to undervaluing key elements of our business, EA's proposal fails to recognise the value we are building through our ongoing turnaround efforts, which will further revitalise Take-Two."
"We believe this offer demonstrated our commitment to pursuing all avenues to maximise stockholder value, while we believe that EA's refusal to entertain this path is evidence of their desire to acquire Take-Two at a significant discount, whereas we believe this value rightly belongs to our stockholders," added Zelnick.
The takeover buzz in any case is a good thing for Take2 as MCV is reporting that the company's share value went up with no less than 47%Take Two’s pre-market stock valuation enjoyed a huge 46.9 per cent increase this morning, following news of EA’s bid for the firm.
Shares of Take Two rose to $25.50, up from Friday's Nasdaq close of $17.36.
Meanwhile, Wedbush Morgan's analyst Michael Pachter is giving his 2 cents on the matter, saying that only the Take2 sports catalogue alone already is interesting enough for EA to make a takeover bigShares of Take Two rose to $25.50, up from Friday's Nasdaq close of $17.36.
The part of the acquisition that has really low risk is sports. You know for sure if EA buys Take-Two they will not have two separate teams making two NBA games...That will all get consolidated."
With competition from Take-Two, EA has had to cut the price of its sports games - something that Pachter doesn't see happening any longer.
"Sports [games] only make sense as a big business if you have pricing power because you have to pay the license fees to the leagues," he noted
Gamespot has more news from Pachter as he states that the takeover will happen, whether or not Take2 is willing:With competition from Take-Two, EA has had to cut the price of its sports games - something that Pachter doesn't see happening any longer.
"Sports [games] only make sense as a big business if you have pricing power because you have to pay the license fees to the leagues," he noted
"By going public, EA is telling you, 'This deal is happening.' The only way you can credibly reject the deal is if there's a better one behind it," Pachter said. "I don't see how anyone can afford to pay this much or more for the stock."
"There's only one company that can make sense out of an acquisition of Take-Two, and that's EA," Pachter said. "For anyone else to buy Take-Two, they'd have to decide either to bloody themselves competing in sports against EA, or shut down the sports business and give up. Either way, there aren't many people who are going to pay a premium for the right to engage with EA or shut down that business."
Finally, both Gamespot and Gamesutra have interviews up with EA's CEO, John Riccitiello, which you may want to check out."There's only one company that can make sense out of an acquisition of Take-Two, and that's EA," Pachter said. "For anyone else to buy Take-Two, they'd have to decide either to bloody themselves competing in sports against EA, or shut down the sports business and give up. Either way, there aren't many people who are going to pay a premium for the right to engage with EA or shut down that business."
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