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EA, Take-Two Sign Confidentiality Agreement

EA, Take-Two Sign Confidentiality Agreement

August 25, 2008 | By Leigh Alexander

August 25, 2008 | By Leigh Alexander
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Electronic Arts and Take-Two signed a confidentiality agreement today, prohibiting the two parties from disclosing the status of any discussions or agreements between them.

According to an SEC filing, the two parties are bound by the agreement unless the talks terminate.

Electronic Arts recently allowed its $2 billion dollar tender offer to acquire Take-Two to expire. At the same time, Riccitiello and Zelnick exchanged letters, through which EA agreed to review Take-Two's management presentation and due diligence to see what per-share value it supports.

EA's offer currently stands at $25.74 per share, an amount Take-Two's Zelnick has frequently called "inadequate." EA has said it's "hopeful" that Take-Two's presentation will support the value it's offering.

The Federal Trade Commission recently greenlit the potential merger, and analysts speculate the two parties will eventually reach an agreement, likely at a premium to EA's offer.

Says EA, "As previously disclosed, EA now requires due diligence to support any proposal to acquire Take-Two and there can be no assurance that any proposal, negotiations or transaction will result."


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