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Updated: Electronic Arts Extends Offer As Take-Two Shareholders Back Their Board

Electronic Arts (NSDQ: ERTS) has extended its offer to buy rival gamer Take-Two to May 16th, following a series of new developments… the first came yesterday morning, when EA reports that the FTC had requested more info on its offer to ensure that the deal, if completed, would not be anti-competitive. Then last night, Take-Two shareholders expressed their support for management, re-electing the company’s entire slate. Shareholders also approved a special share issue to Zelnick Media, prompting EA to lower its bid slightly, from $26 to $25.74, to reflect the increased share count. EA had already threatened to do this in a filing last month. The announcement. says that as of yesterday evening, 6,432,787 shares had been tendered. Release.

Update: Take-Two has responded, pointing out that the tendered shares represent just 8.3 percent of the total. Chairman Strauss Zelnick: “The minuscule number of shares tendered, as well as the strong vote in favor of the proposals presented at our annual meeting, offer indisputable evidence that our stockholders regard our efforts to enhance Take-Two