Take-Two's Annual Meeting Lacks Fireworks
SAN FRANCISCO -- With a $2 billion hostile offer from its larger rival
Electronic Arts
(ERTS)
, video games publisher in the background,
Take-Two Interactive
(TTWO) - Get Report
held its annual shareholder meeting Thursday devoid of any fireworks.
Take-Two's management
EA's $26-a-share offer for the company, saying it significantly undervalues the company and urging shareholders not to tender their stock to EA.
Since EA
in February, Take-Two has declined to negotiate and taken the stance that any talk of a buyout must take place after the release of the
Grand Theft Auto
game later this month. Analysts expect the game to be the biggest best seller of the year.
At the annual shareholder meeting, Zelnick said Take-Two is continuing to explore alternate options, including staying independent. He declined to elaborate whether the company has signed any agreements.
He also declined to comment about the U.S. Federal Trade Commission' interest into any merger between the two companies.
EA said earlier Thursday it received a second request for information from the FTC regarding the deal. "While EA believes that its proposed transaction with Take-Two would not be anti-competitive, the FTC has not yet reached any conclusions regarding the proposed acquisition and has indicated that it needs further information and additional time to conduct its review," said EA in a statement.
Shares of Take-Two closed down 24 cents, or 0.9%, to $25.85 Thursday. EA was down 56 cents, or 1.1%, to $51.46.
Take-Two shareholders also voted on three proposals, including the election of eight directors, and a proposal to amend the company's incentive stock plan to increase the number of shares of common stock reserved for issuance by 2 million shares.