REDWOOD CITY, Calif.--(BUSINESS WIRE)--Aug. 18, 2008--Electronic Arts Inc. ("EA") (NASDAQ:ERTS) today issued an update on its offer to acquire Take-Two Interactive Software Inc. ("Take-Two") (NASDAQ:TTWO). On Friday August 15, John Riccitiello, Chief Executive Officer of EA, called Strauss Zelnick, Executive Chairman of the Board of Directors of Take-Two, to discuss EA's offer to acquire Take-Two. Following discussions over the weekend between EA and Take-Two, EA accepted Take-Two's offer to provide a management presentation to EA containing non-public information. The letters between the parties are set forth below. EA also announced that it will allow its tender offer for all of the currently outstanding shares of common stock (including the associated preferred stock purchase rights) of Take-Two to expire on Monday, August 18, 2008 at 11:59 p.m., New York City time. As previously reported, the Federal Trade Commission is scheduled to complete its antitrust review of the proposed transaction by August 21. EA remains confident that antitrust issues will not prevent or delay a transaction. Below is the text of the letter sent today by Mr. Riccitiello to Mr. Zelnick: August 18, 2008 Below is the text of the letter sent yesterday by Mr. Zelnick to Mr. Riccitiello: August 17, 2008 EA's tender offer for all of the currently outstanding shares of common stock (including the associated preferred stock purchase rights) of Take-Two Interactive Software Inc. ("Take-Two") (NASDAQ:TTWO) will expire at 11:59 p.m., New York City time, on August 18, 2008. Morgan Stanley & Co. Incorporated is acting as the Dealer Manager for the tender offer, Simpson Thacher & Bartlett LLP and Latham & Watkins are acting as legal counsel, and Georgeson Inc. is acting as Information Agent for the tender offer.
Mr. Strauss Zelnick
Executive Chairman of the Board of Directors
Take-Two Interactive Software, Inc.
622 Broadway
New York, NY 10012
Dear Strauss:
Thank you for taking my call on Friday and for your response letter on August 17, 2008.
As discussed on Friday, given the passage of time, we have to validate the assumptions used in the model to support our offer price of $25.74 per share in cash. In addition, we no longer believe we can integrate Take-Two ahead of the important holiday season. Accordingly, 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.
We continue to have great respect for Take-Two's creative teams and products and are hopeful that we can work together to reach a mutually agreed transaction.
Sincerely,
/s/ John Riccitiello
John Riccitiello
Chief Executive Officer
Mr. John S. Riccitiello
Chief Executive Officer
Electronic Arts Inc.
209 Redwood Shores Parkway
Redwood City, CA 94065
Dear John:
Thank you for your recent expression of interest for Electronic Arts Inc. ("EA") to participate in Take-Two Interactive Software, Inc.'s (the "Company") formal process to evaluate the Company's strategic alternatives. As you know, we have been willing to have EA participate in this process following the successful launch of GTA IV, and we are happy to include EA now.
As I mentioned when we spoke on Friday, our process begins with an in-depth management presentation. The Company has made significant strides since EA first expressed interest in the Company and this presentation includes material non-public information to which you would not otherwise have access, including information relating to our three year product release schedule and management's financial projections. The presentation also includes information about the underlying factors that have driven our strong operational and financial performance. I believe our presentation will enable you to understand better the value of our Company to EA.
Prior to the management presentation, we will only require EA to enter into a confidentiality agreement. The agreement would be limited to provisions required to comply with federal securities laws and to ensure the Company's ability to protect the confidentiality of the information shared with you. I can assure you that this requirement is the same as or more favorable to EA than that which we have employed with all other participants in the process.
We understand that a number of months have passed since you first expressed interest in the Company and, accordingly, we will act quickly to assist you in moving through our process. Once we execute a confidentiality agreement, we are prepared to schedule the management presentation immediately.
With my best personal regards.
Sincerely,
/s/ Strauss Zelnick
Strauss Zelnick
Executive Chairman of the Board
Monday, August 18, 2008
Electronic Arts Inc.'s Update On Take-Two Interactive Software Inc. Acquisition Offer.
Saturday, August 16, 2008
Big Fish Games Releases Restaurant Rush
SEATTLE, WA -- 08/16/08 -- Big Fish Games(TM), the world's leading online destination for casual entertainment, announced today the release of Restaurant Rush, a casual game developed by Gamenauts, available exclusively at Big Fish Games.
Restaurant Rush, sequel to the popular hit Burger Rush, combines Match 3 play mechanics with Time Management strategy.
"Our fans have long been hungry for a sequel to Burger Rush," said Stanley Adrianus, CEO of Gamenauts. "With Restaurant Rush, we are taking them out of the burger joint and onto the stage of world cuisine. After months of development, we are finally ready to open the doors to Heidi's kitchen once again."
About The Game
A graduate of Burger Rush, Heidi is looking to make her mark as a famous chef. The pressure cooker is on to create fabulous dishes in her cooking school. In the game, players must prepare 50 international recipes like Filet Mignon, Dim Sum, and Pizza Marinara. Visit a Farmers Market for fresh ingredients and use the jukebox to help customers like Supergeek feel right at home. Restaurant Rush combines the best Match 3 elements with clever Time Management strategy throughout 80 fun-filled levels.
Download Restaurant Rush today at Big Fish Games. The trial version can be downloaded for free; the full version is available for $19.95 (U.S.).
Friday, August 15, 2008
NVISION® 08 conference, Total NVIDIA Experience.
SANTA CLARA, CA–AUGUST 7, 2008– NVIDIA today provided details on the exciting keynote sessions lined up for the NVISION® 08 conference. Taking place on August 25-27, 2008 in San Jose, California, NVISION 08 is a three-day mega-event for professionals and enthusiasts who are passionate about visual computing. The keynotes will be held at the San Jose Center for the Performing Arts and are open to all registered attendees.
NVISION 08 will open on Monday, August 25 at 1:00 p.m. with a keynote address by Jen-Hsun Huang, CEO and president of NVIDIA. Mr. Huang will discuss and demonstrate innovation in the field of visual computing. His presentation will highlight content from today's leading-edge designers, scientists, researchers, and creative professionals. Special guests during Mr. Huang's presentation will include Jeff Han, the guru of multi-touch display technology (and one of Time Magazine's 100 Most Influential People of the World), and actress Tricia Helfer of Battlestar Galactica and Burn Notice, who will illustrate how visual computing has impacted the television and film industry.
On Tuesday, August 26 at 9:00 a.m., NBC 11's Scott Budman, accomplished technology and business reporter, will conduct a series of 1:1 interviews with remarkable people who have unique perspectives on visual computing and how it impacts our lives, from design, art, and entertainment to sports and space exploration. Special guests include Bernard Charlès, CEO of Dassault Systèmes; Eileen Collins, former NASA space shuttle commander; Lorne Lanning, film director and founder of Oddworld; and Kyle Busch, NASCAR racing sensation.
The NVISION 08 conference will close on Wednesday, August 27 at 3:00 p.m. with a unique performance by special effect experts and television personalities Jamie Hyneman and Adam Savage, who are best known for their work in the hit television series, MythBusters.
About NVISION 08Taking place on August 25-27, 2008 in San Jose, California, NVISION 08 is a three-day mega-event for professionals and enthusiasts who are passionate about visual computing. Thousands of engineers, designers, developers, researchers, artists, enthusiasts, gamers, film makers, business professionals, and consumers from around the world are expected to attend. Registration for NVISION 08 conference is now open at: www.amireg.com/nvision08/intro.html.
Thursday, August 7, 2008
3DVIA and Its Technology Partners Challenge Attendees with New Interactive Virtual Reality Game At SIGGRAPH 2008 Conference,
Paris, France, August 6, 2008 - Dassault Systèmes (DS) (NASDAQ: DASTY, Euronext Paris: #13065. DSY. PA), a world leader in 3D and Product Lifecycle Management (PLM) solutions, today announced that its 3DVIA brand for lifelike 3D product experiences will be showcasing the latest in highly-interactive 3D and virtual reality technology at the SIGGRAPH 2008 Conference, taking place in Los Angeles from August 11 to August 15. Joined by many of its technology partners in its booth, #1217, 3DVIA will provide attendees with an exciting look at the 3D advancements enabled by its 3DVIA Virtools application development platform.
In addition to this contest, virtual reality applications will be demonstrated in the booth and will allow visitors to immerse themselves in an interactive application thanks to a VR headset. The Philips 42” WOW 3D Intelligent Display, a 42” autostereoscopic 3D display supported through the 3DVIA Virtools VR Library, will serve as the second screen on which those virtual reality applications will be displayed. This will allow conference goers to see the exciting out-of-screen true autostereoscopic effects of the screen.
Visitors to the 3DVIA booth can see presentations from more 3DVIA technology partners including:
• INRIA: Stéphane Donikian will be discussing the integration of INRIA's Bunraku team softwares MKM (a real-time animation engine for synthetic humans) and Topoplan (a topological 3D path finder) with 3DVIA Virtools.
• Isart Digital: Gautier De Souza will be introducing 3DVIA Virtools and providing examples of prototypes.
Thursday, July 24, 2008
Microsoft To Delist Under Performing Titles From Xbox Live.
"The way it will work is that the title will need to be at least 6 months old and have a Metacritic score below 65 and a conversion rate below 6% on the service. This way titles are not just considered if they are not selling well or not getting good reviews, but actually a combination of both. We will also give a three-month notice before delisting any title. " said Marc Whitten, Microsoft’s General Manager of Xbox Live answering the questions from Next-Gen. The discussion went on to discuss the merits of such move to keep Xbox Live that is said to be hitting 1 million downloads a day! performing well.
I think it is not a good move as but you might decide otherwise. Read the article at next-gen and let us know!
Monday, July 21, 2008
Chop Till You Drop, Dead Rising™ For Wii Getting Ready!
SAN MATEO, Calif. — July 21, 2008 — Capcom®, a leading worldwide developer and publisher of video games, today announced that Dead Rising™: Chop Till You Drop is in development for the Wii™ home video game system. Based on the critically acclaimed Dead Rising™, which has sold in excess of one million units since its release in 2006, Dead Rising: Chop Till You Drop is scheduled to hit store shelves this Winter.
Taking advantage of the same proven technology that brought Resident Evil® 4 so successfully to Wii, Dead Rising: Chop Till You Drop delivers a more immersive, intuitive and interactive experience as players use the Wii Remote to shoot, slash and bludgeon their way through a zombie infested shopping mall, fighting for survival.
Dead Rising: Chop Till You Drop follows the harrowing tale of Frank West, an overly zealous freelance journalist on a hunt for the scoop of a lifetime. In pursuit of a juicy lead, he makes his way to the small suburban town of Willamette only to find that it has become overrun by zombies. Frank escapes to the local shopping mall, thinking it will be a bastion of safety but it turns out to be anything but. It will be a true struggle to survive the endless stream of enemies, but players will have full reign of a realistic shopping centre and its varied stores offering an endless supply of real and makeshift weapons to fight off the flesh-hungry mob. If Frank is running low on health he can pay a visit to one of the many restaurants or cafes for a meal in order to restore his energy and continue the fight.
The game is split into a series of individual cases, all of which Frank must complete in order to gain vital information that will allow him to piece together the truth behind the horrendous epidemic. In addition to the cases, players will be faced with the dilemma of deciding the rescue priority of the residents of Wilamette who also sought sanctuary in the mall. Depending on the player’s skill, some may not be so fortunate as each rescue needs to be undertaken in a set time period, therefore players may need to delay completion of a case in order to save a fellow human.
Dead Rising: Chop Till You Drop’s infectious humor delivers some welcome relief from the incessant tide of zombies with players able to dress Frank up in a variety of comedic costumes and take on the undead hordes with a selection of improvised and sometimes highly ineffective weapons such as a toy sword or a football.
Dead Rising: Chop Till You Drop includes the following features:
• Utilizes the same engine as Resident Evil 4 Wii edition.
• New level of interaction – aim and fire guns, swing and throw weapons and shake off zombie attacks with added Wii Remote functionality
• Huge environment – expansive indoor and outdoor areas of the mall provide a variety of different locations to explore
• Improved save functionality allows for more seamless gameplay
• Hoards of enemies on screen at once resulting in non-stop, pulse-pounding action
• Anything in the mall is at Frank’s disposal
• Grab environmental objects like umbrellas and benches to use as improvised weapons
• Snatch items from different stores to use as weapons including golf clubs, lawnmowers, frying pans and more
• Consume food and drink to revive health
Capcom
Friday, July 18, 2008
Console Turf Dominated By Nintendo Wii
Speaking to GamePro today Nintendo proclaimed, "After just 20 months, Wii is the new console leader in the US with nearly 10.9 million units."
NPD sales data backs up the claim. Wii moved 666,700 units in the month of June, which is enough to push it over Xbox 360 as the dominant platform in North America.
Gamepro.