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06-08-08 Pachter: Take2 WILL be taken over

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Pachter: Take2 WILL be taken over

Posted on Sunday, 8 June 2008 by Speed, source: Gamedaily

It ain't over till the fat lady sings

After Take2's investor call, Wedbush Morgan Securities' Michael Pachter has issued his thoughts on the possible takeover of Take2 by Electronic Arts and he believes it isn't going to be over anytime soon.

In fact, he believes that initially EA will raise its offer to see it declined by Take2 again and then walk away. After a period of "cooling down", EA will launch a final strike and succeed in its plan to take over Take2.

Ultimately, we think EA will make a deal happen. We don't expect the company to overpay, particularly since it doesn't really have to do so. We believe that once EA walks away and no other bidders materialize, it will be able to allow all parties to cool their heels, and will be able to come back and complete the deal at a reasonable price.

If Pachter is correct, we can see Take2 being taken over by EA somewhere in 2009 as in February that year several key members of Rockstar management will see their contract with Take2 expire and become "free" again, giving them the opportunity to look for other and better deals.

8 months to go...

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