EA extends Take-Two offer to July 18, no price change

EA has extended its offer on Take-Two to July 18. The previous offer expired at 12am EST yesterday.

"Our offer price remains unchanged at $25.74 per share, which is a substantial premium to where Take-Two's stock was trading prior to our offer," said Owen Mahoney, SVP of EA Corporate Development.

“We congratulate Rockstar on the successful launch of GTA IV but believe our offer reflects a full and fair price based on the long-term value of Take-Two's entire operation."

Press release after the link.

Press Release Source: Electronic Arts Inc.

EA Extends Expiration Date for Take-Two Offer to July 18, 2008
Tuesday June 17, 8:30 am ET

REDWOOD CITY, Calif.--(BUSINESS WIRE)--Electronic Arts Inc. (“EA”) (NASDAQ:ERTS - News) announced today that it has extended its tender offer for all of the currently outstanding shares of common stock (including the associated preferred stock purchase rights) of Take-Two Interactive Software Inc. (“Take-Two”) (NASDAQ:TTWO - News) to 11:59 p.m., New York City time, on July 18, 2008, unless further extended. The tender offer was previously set to expire at 11:59 p.m., New York City time, on June 16, 2008.

"Our offer price remains unchanged at $25.74 per share, which is a substantial premium to where Take-Two's stock was trading prior to our offer," said Owen Mahoney, Senior Vice President of EA Corporate Development. “We congratulate Rockstar on the successful launch of GTA IV but believe our offer reflects a full and fair price based on the long-term value of Take-Two's entire operation."

Extending the tender offer allows the FTC review process to continue. The proposed transaction is still subject to certain conditions that include regulatory approval. EA retains the right to terminate the offer if the conditions are not satisfied.

As of 5:00 p.m., New York City time, on Monday, June 16, 2008, approximately 6,139,824 shares of Take-Two had been tendered in and not withdrawn from the tender offer.