This was expected: After its offer for Take-Two expired on Friday, EA has extended its tender offer for the company until June, 16. The company said the extension will allow more time for the FTC to complete a regulatory review process, possibly spurring more TTWO shareholders to tender their shares. As of Friday, 6.21 million shares of Take-Two had been tendered; that represents just about 8.4 percent of the company’s shares outstanding, as of its last quarterly report. The company is not raising its offer past $25.74 per share. Release.
Update: Take-Two’s response: Still on dice. EA’s proposal isn’t good enough, as evidenced by the low number of tendered shares. Meanwhile, TTWO is talking with other parties about various options. Release.