Electronic Arts 2009 Annual Report Download - page 192
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(21) PROPOSED ACQUISITION OF TAKE-TWO INTERACTIVE SOFTWARE, INC. AND RELATED
LINE OF CREDIT
On March 13, 2008, we commenced an unsolicited $26.00 per share cash tender offer for all of the outstanding
shares of Take-Two Interactive Software, Inc., a Delaware corporation (“Take-Two”), for a total purchase price
of approximately $2.1 billion. On April 18, 2008, we adjusted the purchase price in the cash tender offer to
$25.74 per share following the approval by Take-Two stockholders of amendments to Take-Two’s Incentive
Stock Plan, which would permit the issuance of additional shares of restricted stock to ZelnickMedia Corporation
pursuant to its management agreement with Take-Two. The total aggregate purchase price for Take-Two did not
change as a result of the adjustment to the per share purchase price in the tender offer. On May 9, 2008, we
received a commitment from certain financial institutions to provide us with up to $1.0 billion of senior
unsecured term loan financing at any time until January 9, 2009, to be used to provide a portion of the funds for
the offer and/or merger. On August 18, 2008, we allowed our tender offer for Take-Two shares to expire and on
September 14, 2008, we announced that we had terminated discussions with Take-Two. On September 26, 2008,
pursuant to the terms of the funding, we received a notice from the financial institutions that had committed to
provide us with the funding that, in light of our decision not to make a proposal to acquire Take-Two, their
commitment to provide the funding had terminated. As a result of the terminated discussions, we recognized $21
million in related costs consisting of legal, banking and other consulting fees during the fiscal year ended
March 31, 2009. These costs are included in our Consolidated Statements of Operations.
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