Back to Tech Blog homepage
EA spurns Take-Two, spawns Spore
June 17, 2008
John Riccitiello, Electronic Arts chief executive, seems more interested in playing his company’s new Spore game than closing a deal for rival Take-Two.
“I’ve created 10 creatures already,” he told the William Blair investors conference today.
EA has just released its Spore Creature Creator, which should increase anticipation for the game’s September release by allowing players to begin building the inhabitants of the strange new worlds made possible in Spore.
EA also extended its tender offer to Take-Two shareholders to July 18. Fewer shares are being tendered each time it does this. The figure of 6,139,824 represents just 7.9 per cent of the outstanding share count.
EA has said it is willing to pay around $2bn for Take-Two, but it has reduced its original offer of $26 a share to $25.74 a share. “Our offer price remains unchanged,” it said today.
Clearly, shareholders expect more and Take-Two’s board reiterated today that it viewed the price as significantly undervaluing the publisher of Grand Theft Auto IV.
It also hinted again that there were alternative suitors to EA. However, there is no evidence that any other company has begun any meaningful negotiations, which means Mr Riccitiello can bide his time, continuing to design odd characters with sticky-out eyes.
