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Electronic Arts must really really want to own Take Two studios. First they made the bid, then when it was rejected, they decided to go hostile. So T2 encouraged their shareholders not to sell, deeming the $26 per share bid "inadequate". This forced EA to determine that the only way they'll ever get their hands  on T2 is by boring their legal department to death with confusing business-speak and official-sounding mumbo-jumbo.

Case in point: today's news that EA has decided to amend their bid. When I saw the headline, I assumed that it meant that EA was going to offer more money per share, or perhaps offer some kind of incentive package to T2 management.

But no, it is far more exciting than that! EA has stated in a new condition to the bid, "that Take-Two's Board of Directors redeem the preferred stock purchase rights issued as a result of Take-Two's adoption on March 24, 2008 of the stockholder rights plan" or "that EA be satisfied that such rights have been invalidated or are otherwise inapplicable to its acquisition of Take-Two".

EA has extended the offer until 11:59 (EDT) on April 18th (the day after the recently rescheduled T2 shareholders meeting), instead of the previous deadline of April 11th. 

"The actions of the Take-Two Board may increase the risk for their stockholders by delaying a potential transaction," said Owen Mahoney, Senior Vice President of Corporate Development at EA. "We continue to believe that our $26.00 per share offer price is full and fair, and that a transaction between Take-Two and EA is the most compelling combination financially, strategically and operationally for all parties."

Basically, this all *yawn* pretty much boils downnnnnn....... down toooooo....  ZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZ.....

Hmm... wha... oh, wait? Where was I? Oh yeah, EA is attempting a seige of corporate boredom and ennui. Stay tuned for more on this, just as soon as I can find some Vivarin.

Related Articles:

Take Two Encourages Shareholders to Reject EA's Bid

EA Officially Goes Hostile in Take-Two Takeover

EA Proposes $2 Billion Acquisition Of Take Two

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