Progress?

Video games company Electronic Arts has just updated Wall Street on the latest stage in its drawn-out $2 billion bid for Take-Two Interactive Software with news that it will allow its tender offer to expire at midnight New York time.

But Take-Two, maker of the Grand Theft Auto video game franchise, said it is now willing to provide a management presentation to EA containing non-public information in connection with the bid such as its three-year product release schedule and financial projections.

EA and Take-Two’s chief executives exchanged letters over the weekend and had a phone conversation on Friday.

Here’s an excerpt from Take-Two chairman Strauss Zelnick’s letter to EA Chief Executive John Riccitiello dated Aug 17:

The Company has made significant strides since EA first expressed interest in the Company….I believe our presentation will enable you to understand better the value of our Company to EA.

 Here’s an excerpt from Riccitiello’s Aug 18 response:

We no longer believe we can integrate Take-Two ahead of the important holiday season….we  require due diligence to support a transaction and are therefore letting the tender offer expire tonight. However, we are pleased to accept your offer to review your management presentation as outlined in your letter.

(Photo Reuters)

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