Electronic Arts (ERTS) Walks Away From Take-Two (TTWO)
Take-Two Interactive (TTWO) chairman Strauss Zelnick overplayed his hand. He continued to refuse a buyout bid from larger game company Electronic Arts (ERTS). Now Take-Two shareholders will pay for Zelnick’s error. According to The Wall Street Journal, "Ever since EA…
Take-Two Interactive (TTWO) chairman Strauss Zelnick overplayed his hand. He continued to refuse a buyout bid from larger game company Electronic Arts (ERTS). Now Take-Two shareholders will pay for Zelnick’s error.
According to The Wall Street Journal, "Ever since EA first offered $26 a share for Take-Two in February, the New York-based publisher had rejected EA’s offer as inadequate."
Take-Two currently trades at just under $22. Prior to the offer, TTWO traded at $15.
Watch it move back toward that $15 level tomorrow.
Douglas A. McIntyre
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Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.
McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.
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A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.
TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.
McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.
