Not that this wasn’t expected after last month, but Take-Two, after fighting off an unsolicited bid by EA and talking to other potential suitors, has decided to stay independent, or at least it has completed a formal strategic review for now. The publisher of Grand Theft Auto said its sees itself as “strongly positioned creatively, financially and competitively to benefit from the opportunities we see in the fastest growing segment of the entertainment industry”. According to Ben Feder, the CEO, consider the cash position of the company strong: “Our strong cash position – with no debt and an undrawn USD140 million credit facility – gives us the financial flexibility to continue to do what we do best: innovate and create the great games that our customers have come to expect.”
This comes as EA dropped its bid earlier last month…TT’s stock price has dropped around 30 percent since then. More details in release.