Electronic Arts announced today that it will be amending its tender offer (which Take-Two rejected) to acquire all outstanding shares of Take-Two stock and will also extend the offer’s deadline from April 11 to April 18. An EA press release cites “the actions publicly disclosed by Take-Two on March 26, 2008, including its adoption of a poison pill and change to the date of its 2008 annual meeting of stockholders to April 17” as the reasoning behind today’s move.

The principal amendments to the offer include:

• EA has added a condition to its offer requiring either (1) that Take-Two’s Board of Directors redeem the preferred stock purchase rights issued as a result of Take-Two’s adoption on March 24, 2008 of the stockholder rights plan, or (2) that EA be satisfied that such rights have been invalidated or are otherwise inapplicable to its acquisition of Take-Two.
• EA has extended its tender offer for all of the common stock of Take-Two until 11:59 p.m., New York City time on Wednesday, April 18, 2008, unless further extended. The offer was previously set to expire at midnight, New York City time, on April 11, 2008.

“The actions of the Take-Two Board may increase the risk for their stockholders by delaying a potential transaction,” said Owen Mahoney, Senior Vice President of Corporate Development at EA. “We continue to believe that our $26.00 per share offer price is full and fair, and that a transaction between Take-Two and EA is the most compelling combination financially, strategically and operationally for all parties.”

Take-Two held an investors conference this week which outlined the value of the company, with the underlying message of urging shareholders to not give in to EA’s offer.

And so the dance continues…

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Despite Electronic Arts’ acquisition of Pandemic (along with BioWare) back in November, co-founder and president Josh Resnick says that the company still feels like it’s independent. He told GamesIndustry.biz, “It says Pandemic on the box, we’ve got Pandemic email addresses and we’re making Pandemic games.”

It’s an important declaration for Resnick to make, with an EA takeover of Take-Two looming. Ken Levine has stated previously that he wasn’t concerned by all the talk of acquisitions, but that doesn’t necessarily reflect the opinion of other big name individuals and teams under the Take-Two umbrella, such as Sid Meier and the entirety of Rockstar Games.

“John [Riccitiello, Electronic Arts’ CEO] has said that in the past interfering with the internal studios hasn’t worked for them,” Resnick said. “That’s not the model that EA is now following.

“The model now is to trust your talent, support your talent, give them what they need to do and let them tap into what EA has to offer, which is the fact that they are the best publishing organisation in the world.

“It just doesn’t make logical or business sense for them to change a development studio like that. John and all of the executives at EA have very loudly said that in public. They want to empower their creative talent.”

Certainly sounds like a vote of confidence from Resnick in EA and Riccitiello’s methods. I’ve previously stated that Riccitiello is the type of guy that gamers would want running a company like EA, and so far, it sounds like that has proven to be the case. We’ll see what happens if – but more likely when – Take-Two becomes property of EA.

Jack Thompson apparently sent a long letter to EA offering to help them with the Take-Two takeover. It’s obviously another attempt to pull in some publicity, but who knows. Game Politics reported on the recent development and threw in their opinions on the matter.

I am delighted to work with Electronic Arts to evict the Zelnick Trojan Horse from within Take-Two’s corporate walls. In doing so, I can get the new Take-Two into the clear as to the trouble I and others can send its way.

Zelnick is the source of trouble headed Take-Two’s way, not I, and EA can make the case, with my help, that such trouble can be avoided.

Via Game Politics