The Board of Directors of Take-Two today announced that it has thoroughly reviewed Electronic Arts Inc.'s unsolicited conditional tender offer with the assistance of its financial and legal advisors and unanimously determined that the $26.00 per share cash offer is inadequate in multiple respects and contrary to the best interests of Take-Two's stockholders. Accordingly, the Board recommends that stockholders not tender any of their shares to EA. The basis for the Board's unanimous decision is set forth in Take-Two's Schedule 14D-9 filed today with the Securities and Exchange Commission.
Take-Two also announced today the following actions:
Filed a Solicitation / Recommendation Statement on Schedule 14D-9 with the SEC containing the Board's unanimous recommendation that stockholders reject Electronic Arts Inc.'s offer of $26.00 net per share in cash as being inadequate and not in the best interests of stockholders
Filed a supplement to the proxy statement with the SEC to moot any claims alleged in a class action lawsuit that the proxy statement was misleading and incomplete
Adopted a stockholders rights agreement and a Certificate of Designation for a new class of Series B Preferred Stock. The rights agreement will be outstanding for 180 days
Changed the date and time of the 2008 Annual Meeting to Thursday, April 17, 2008 at 6:30 p.m. (New York City time)
Amended Bylaws to provide for a new extended period of time for stockholders to nominate persons for election to the Board and propose business to be considered at the 2008 Annual Meeting
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