Rival video game manufacturer launches an unsolicited tender offer

• After making a publicly disclosed tender offer

TTWO filed a 14D-9 recommending rejection of offer

• TTWO press release  3.26.08
• See Tender Offer Documents below for additional filings

ERTS launched a tender offer on 3.13.08

• See Tender Offer Launched immediately below
• TTWO issued a stop, look and listen letter  in response

• Background of the offer

• TTWO news - stock chart
• ERTS news - stock chart

ERTS first made a bear hug offer

• Offered $26 per share in a bear hug letter,
  which was rejected by TTWO board

• TTWO press release   2.24.08
• Correspondence attached, including bear hug letter

Activist shareholders ousted Take-Two management
in 2007

• Group holding 46% of shares voted for an alternate slate of directors at annual meeting without soliciting any proxies
• Approved contract with new management team
• See Take-Two Board Takeover
• Current ownership (2008 proxy statement)

ERTS extends offer to July 18 - Fourth extension

• ERTS press release   7.17.08
• TTWO response   7.17.08

• "only 6,139,824 of Take-Twos outstanding shares, or approximately 7.9% of the total, tendered into EAs offer"

TTWO rejects offer and takes defensive measures

• Filed a 14D-9 recommending rejection of offer
• Adopted a poison pill shareholder rights agreement

• TTWO press release  3.26.08
• See Tender Offer Documents below for additional filings

Financial

• TTWO: Bear Stearns / Lehman
• ERTS: 

Legal

• TTWO: Proskauer Rose
• ERTS:  Simpson Thacher

Unsolicited offer at $26 per share

• EA press release  3.13.08
• Background of the offer
• Offer to purchase

• ToC
• Terms
• Conditions

Schedule TO filings

• Initial Schedule TO  3.13.08

• Exhibits  EDGAR filing page

• Amendments  EDGAR filing page

Schedule 14D-9 filings

• Initial Schedule 14D-9  3.26.08

• Letter to stockholders
  Recommends rejection of offer
• Other exhibits  EDGAR filing page

• Amendments  EDGAR filing page

Bear Hug Offers