Take-Two Wants To Go At It Alone
Created 10/02/2008 - 23:00
Following detailed discussions with various interested parties over the last five months, Take-Two Software's board of directors has determined that it is in the best interests of stockholders to conclude its review of strategic alternatives and to continue operating and building Take-Two as an independent company.
Ben Feder, Chief Executive Officer of Take-Two said, "Take-Two's recent performance demonstrates our potential to create value for the long term. We have delivered solid financial results and expanded our portfolio of leading titles, which includes the powerful GRAND THEFT AUTO franchise, as well as 15 other wholly owned brands with sales of more than one million units each. Our strong cash position -- with no debt and an undrawn $140 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."
Electronic Arts ended its long courtship of Take-Two in September, when Take-Two said it was still in discussions to possibly merge or partner with another videogame publisher or media conglomerate.