vietkhoant
The Warrior of Light
Hãng phát hành game lớn thứ 2 thế giới hiện thời EA đã gửi lời đề nghị đến ban lãnh của Take-Two Interactive đề nghị mua lại tập đoàn game này với giá 2 tỷ USD. Tuy nhiên ban lãnh đạo của Take-Two Interactive đã từ chối thẳng thừng lời đề nghị này vì cho rằng giá mà EA đưa ra là quá thấp so với giá trị thực tế của hãng. Take-Two là hãng mẹ của 2 nhà phát hành game nổi tiếng là Rockstar game với series GTA huyền thoại và 2K Games với nhiều tựa game nổi tiếng như series 2K sport, Bioshock,.... Dù chưa chấp thuận lời đề nghị của EA nhưng hãng Take-Two vẫn để ngỏ lời đề nghi của EA vào 1 cuộc đàm phán 2 bên vào 30/4, tức là sau khi phát hành GTAIV.
Có vẻ như nếu vụ thâu tóm này thành công thì EA sẽ lấy lại vị trí dẫn đầu của Activision - Blizzard.
Analyst expects EA hostile takeover of Take-TwoMichael Pachter says proposed acquisition is happening whether Grand Theft Auto IV publisher likes it or not, believes sports domination is the driving force behind it.
By Brendan Sinclair, GameSpot
Posted Feb 24, 2008 4:30 pm PT
Earlier today, Electronic Arts went public with the news that it had offered to acquire Take-Two Interactive for nearly $2 billion--and that Take-Two management had turned the offer down. EA's offer broke down to $26 per share for Take-Two, a 64 percent premium over the stock's price of $15.83 at the time the offer was made.
Speaking with GameSpot today, Wedbush Morgan Securities analyst Michael Pachter questioned Take-Two's judgment in turning down the deal.
"The share price on Friday tells you that investors think the share price is $17. So an offer of $26 by definition is more than adequate," Pachter said. "And if the only argument management makes is that they have a turnaround plan and to give them time...It could take two or three years for them to get [the stock price] to that same $26. Who in their right mind thinks $26 three years from now is better than $26 today? This is a bird in the hand."
Despite the rebuff, Pachter predicted the acquisition will happen one way or the other. If the board of directors won't sell the company, he said EA can perform a hostile takeover, buying up enough shares on the open market to gain control of the company and show the current management team the door.
"By going public, EA is telling you, 'This deal is happening.' The only way you can credibly reject the deal is if there's a better one behind it," Pachter said. "I don't see how anyone can afford to pay this much or more for the stock."
More so than Take-Two's hit properties like Grand Theft Auto IV and BioShock, Pachter believe sports are the driving motivation behind the deal, and a main reason he doesn't expect other acquiring suitors to come calling. The economic advantages of eliminating 2K Sports--EA Sports' primary competitor in the market--are so great that they could pay for the $2 billion deal on their own, Pachter said.
"There's only one company that can make sense out of an acquisition of Take-Two, and that's EA," Pachter said. "For anyone else to buy Take-Two, they'd have to decide either to bloody themselves competing in sports against EA, or shut down the sports business and give up. Either way, there aren't many people who are going to pay a premium for the right to engage with EA or shut down that business."
One question mark about an acquisition of Take-Two is how much of the company can actually be transferred to EA. Pachter said key development personal like Firaxis' Sid Meier, 2K Boston's Ken Levine, and Rockstar's Sam and Dan Houser likely have change-of-control clauses in their contracts that would allow them to jump ship if ownership of the business changes hands.
"If any of the people under employment contracts with Take-Two have lawyers who are worth anything, there are change-of-control provisions," Pachter said. "They all should have that, but I don't think this deal is about retention of employees. With the [possible] exception of the Rockstar North guys, I think all of the [contracted] employees at Take-Two would actually welcome working for EA. I think Sid Meier would love to see Civilization have broader distribution and more focused marketing, and EA is really good at both."
Take-Two calls EA buyout offer 'undervalued'Publisher's board of directors dismisses proposed $2 billion deal as an opportunistic attempt to get on the Grand Theft Auto IV bandwagon; says it will initiate talks after game's release.
By Brendan Sinclair, GameSpot
Posted Feb 24, 2008 2:13 pm PT
Earlier today, Electronic Arts revealed it had made an all-cash offer of nearly $2 billion to acquire rival publisher Take-Two Interactive. Take-Two's board of directors rejected the proposal, leading Electronic Arts to go public with the deal today to inform the Grand Theft Auto IV publisher's shareholders exactly what their corporate leadership is passing on. Take-Two has responded this afternoon with its own announcement to explain why the directors had balked at the proposed acquisition, saying neither the time nor the price was right.
"In addition to undervaluing key elements of our business, EA's proposal fails to recognize the value we are building through our ongoing turnaround efforts, which will further revitalize Take-Two," explained the publisher's chairman of the board, Strauss Zelnick. "While we have made substantial progress already, the turnaround of our business which we initiated in June is not yet complete, and we believe its benefits have not been recognized in either our current stock price or in the value of EA's proposal."
Take-Two said the proposal "substantially undervalues" its franchises, creative talent, and consumer loyalty. As for the timing, the publisher suggested its rival was trying to ride the coming wave created by the Take-Two-owned Rockstar Games' Grand Theft Auto IV, which should arrive in stores on April 29.
"We believe EA's unsolicited offer is highly opportunistic and is attempting to take advantage of our upcoming release of Grand Theft Auto IV, one of the most valuable and durable franchises in the industry," Take-Two said in a statement. "Furthermore, the offer values the company at a significant discount to its public peers and does not compensate Take-Two for its intrinsic value and the substantial synergies that the proposed combination would create."
Despite the tough talk, Take-Two didn't rule out the possibility of an acquisition at a slightly later date. The publisher said it was willing to start a dialogue with EA to see if they could agree on a price, but that it would defer such discussions until after the release of Grand Theft Auto IV.
"[We] offered to initiate discussions with EA on April 30, 2008 (the day after Grand Theft Auto IV is scheduled to release)," Zelnick said. "We believe this offer demonstrated our commitment to pursuing all avenues to maximize stockholder value, while we believe that EA's refusal to entertain this path is evidence of their desire to acquire Take-Two at a significant discount, whereas we believe this value rightly belongs to our stockholders."
Zelnick also expressed other concerns in a letter sent to EA CEO John Riccitiello on Friday and reprinted in today's announcement. Specifically, he questioned the impact such an acquisition would have on developers fearful of layoffs and studio closures.
"[As] we have all seen time and again, the process surrounding acquiring a public company from start to finish is complex, uncertain, intrusive, and distracting," Zelnick said, "and we believe it would be especially so to the creative artists at the core of our business and to all those who may be displaced by a transaction."
Megapublisher takes $2 billion offer for the Grand Theft Auto, BioShock, and 2K Sports owner to shareholders after Take-Two execs decline the deal.
EA proposes Take-Two takeover
By Brendan Sinclair, GameSpot
Posted Feb 24, 2008 12:38 pm PT
After last year's surprise announcement that Vivendi would be merging its games business (including World of Warcraft creator Blizzard Entertainment) with Activision in a staggering deal worth $18.9 billion, Electronic Arts' position as the world's largest third-party publisher was in jeopardy. It appears EA wants that distinction locked up for itself, as the publisher today proposed another industry-shaking deal: the acquisition of Take-Two Interactive for roughly $2 billion.
EA revealed that in a letter sent last Tuesday by EA chief executive officer John Riccitiello to Take-Two Interactive chairman Strauss Zelnick, Riccitiello offered the all-cash deal, which is a 64 percent premium over Take-Two's most recent closing stock value on the day of the offer. However, Take-Two's board of directors declined the offer, according to EA, which led directly to today's announcement.
"Our strong preference is to conduct a private negotiation," the letter stated. "If you are unwilling to proceed on that basis, however, we may pursue other means, including the public disclosure of this letter, to bring our offer and the compelling value it represents to the attention of Take-Two's shareholders."
Riccitiello was proposing a different message in November, when in a presentation at the Reuters Media Summit he suggested that acquisition opportunities in the gaming industry were drying up. That was just days before the announcement of the Activision-Vivendi union.
If the proposed Take-Two takeover were to go through, it would give EA control of some hotly contested industry territory. First and foremost, EA would have control of Rockstar Games and its controversial and lucrative Grand Theft Auto franchise, significantly beefing up its slim roster of hit games rated M for Mature. In addition to that, the sports gaming market would see tremendous consolidation, as EA Sports and Take-Two's 2K Sports label have directly competed in the football, hockey, baseball, and basketball markets over the years. They each have their own new boxing franchise in development as well, with 2K's Prizefighter answering the bell against EA's Facebreaker.
Shortly after EA went public with the proposed deal, Take-Two explained its reasons for declining the offer, saying the publisher had undervalued its array of franchises and creative talent, and that it wouldn't be prudent to enter discussions of an acquisition so close to the April 29 launch of Grand Theft Auto IV. However, Take-Two executives left room for a deal to happen, saying they would be interested in beginning talks with EA starting April 30.
Source: www.gamespot.com
Có vẻ như nếu vụ thâu tóm này thành công thì EA sẽ lấy lại vị trí dẫn đầu của Activision - Blizzard.
