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Electronic Arts Likely to Extend Take-Two Buyout Offer

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331w ago - The clock is ticking down on Electronic Arts's takeover bid for publisher Take-Two, and the company remains steadfast in its refusal to buckle. But the publishing giant doesn't seem ready to give up so easily.

When Electronic Arts made their initial offer of $25.74 a share in late February, a much higher premium than what Take-Two was trading for at the time, they apparently expected Take-Two to immediately jump on the offer, according to Wedbush Morgan analyst Michael Pachter in an article from Forbes. But when Take-Two chairman Strauss Zelnick stonewalled, EA was stumped.

Now, with Grand Theft Auto IV on the market and Take-Two shares hovering around $26.59 a share, the takeover attempt seems to be at an impasse. Though Rockstar, 2K Boston, and 2K Sports remain tempting targets, there are other issues that may complicate the deal.

Many analysts can't agree on how much Take-Two is really worth, and any takeover would probably necessitate a special deal with Rockstar. Founder Sam Houser has previously stated that working with a larger publisher would mean wanting a larger share of the profits.

Speaking at a Tuesday press conference, EA CEO John Riccitiello dismissed questions about Take-Two but reiterated that one of EA's core goal over the next three years...
 

Yahoo lukewarm on Microsoft bid

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336w ago - Internet search engine Yahoo says it is "not opposed" to Microsoft's takeover bid, but wants a better price.

The letter from Yahoo's board was a swift response to a deadline issued at the weekend by Microsoft CEO Steve Ballmer for Yahoo to agree to the deal.

Microsoft warned if the deal was not accepted by 26 April, it would mount a hostile takeover at a lower price.

The software giant made an unsolicited $44.6bn (£22.3bn) takeover offer for Yahoo on 31 January.

But Yahoo rejected the deal, saying it substantially underrated the company's value and prospects.

'Counterproductive'

"We have continued to make clear that we are not opposed to a transaction with Microsoft if it is in the best interests of our stockholders," the letter said.

"Our position is simply that any transaction must be at a value that fully reflects the value of Yahoo, including any strategic benefits to Microsoft, and on terms that provide certainty to our stockholders."

In the letter, Yahoo said the threat to begin a hostile takeover was "counter-productive".

Yahoo has been seeking links with other media and internet firms that would help it retain its independence.

However, most companies with the financial clout to rescue...
 
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