Strategic alternative review completed, conclusions are in
Take-Two Interactive Software said today it's completed its review of strategic alternatives for the company. They've been involved in detailed discussions with various parties over the last five months (the most famous of which is likely the bid from EA, which was withdrawn after many tries recently), but what they've determined is best for them is to stay on their own, working as an independent company, God bless 'em.
"Take-Two's Board of Directors and management have a clear mandate from stockholders to maximize value," said Strauss Zelnick, Chairman of the Board of Take-Two. "We are strongly positioned creatively, financially and competitively to benefit from the opportunities we see in the fastest growing segment of the entertainment industry. Our management and outstanding and talented employees have maintained an unwavering focus on our products and our business through this lengthy strategic review process and we are confident in our prospects. We remain focused on maximizing value for stockholders and are executing on our business strategies in a determined manner."
Ben Feder, Chief Executive Officer of Take-Two added, "Take-Two's recent performance demonstrates our potential to create value for the long term. We have delivered solid financial results and expanded our portfolio of leading titles, which includes the powerful Grand Theft Auto franchise, as well as 15 other wholly owned brands with sales of more than one million units each. Our strong cash position – with no debt and an undrawn $140 million credit facility – gives us the financial flexibility to continue to do what we do best: innovate and create the great games that our customers have come to expect."
In an industry filled to the brim with consolidation, it's good some can still flourish on their own, I say. Things get dangerous and freedom is stifled when everyone owns everyone, typically. So good on you, Take-Two.