| Title: | Take-Two Interactive Software, Inc. (M&A Insight Note) |
| Price: | $100.00 |
| Publication Date: | Mar 31, 2008 |
| Company: | Take-Two Interactive Software, Inc. |
| Report Type: | M&A Insight Note |
| Brief Excerpt: | ...As part of its defense agains t the unsolicited bid, TTWO ha s adopted a pois on pill with an atypically short duration (### days) and a ## % trigger. The company also amended its advance notice bylaw to permit shareholders to nominate candidates for director up to two days prior to the upcoming annual meeting, which was recently postponed to April ##. #The TTWO situation is just the latest example of an increasingly contentious M&A environment. Potential targets of industr ies once thought to be immune from hostility (like technology), appear to no l onger be safe from predators. ... |
| Word Count: | 2223 |
| Length: | 5 Pages |
| Ticker: | TTWO |
| Related Report(s): | - Take-Two Interactive Software, Inc. (Corporate Governance Quotient (CGQ)): $250.00
...The board is controlled by a supermajority of independent outsiders (independent outsiders greater than ##%) The nominating committee is comprised solely of independent outside directors The compensation committee is comprised solely of independent outside directors The company has a committee that oversees governance issues and the committee met in the past year The full board of directors is elected annually There are between six and eight directors serving on the board The CEO serves on the boards of two or fewer other companies No former CEO of the company serves on the board The company has governance guidelines that have been publicly disclosed on company website The performance of the board is reviewed regularly Outside directors meet without the CEO present and the number of meetings of the outside directors is specified A board approved CEO succession plan is in place Board members have express authority to retain outside advisors Directors... - Take-Two Interactive Software, Inc. (M&A Insight Note): $100.00
...Facing significant pressure from an investor group to replace its entire board and senior management, on March ## Take-Two Inte ractive (TTWO), th e publisher of the ... - Take-Two Interactive Software, Inc. (M&A Insight Note): $100.00
...M&A Edge notes of March ##, #### and March ##, #### for additional insights.) Since mid-April, TTWO shares have traded significantly above EA s current offer of $##.## per share, indicating that market participants believe th at EA will have to raise its offer to capture its quarry. From the beginning, TTWO has rejected EA s advances as opportunistic and substantially undervaluing the company. The positive early read on GTA IV sales should certainly help support its case. On the other hand, EA argues that its current bid already reflects expected boffo sales results. We note, however, that industry analyst UBS on Tuesday reportedly in- creased its US sales estimates for GTA IV by over ##%. Did EA similarly underesti- mate GTA IV when it set its offer at $##? Since ...
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