April 29 can't come soon enough for Take-Two Interactive. That's when the video-game maker, which is facing a hostile takeover bid, releases...
April 29 can’t come soon enough for Take-Two Interactive.
That’s when the video-game maker, which is facing a hostile takeover bid, releases the latest title in its popular criminal-adventure series, “Grand Theft Auto.”
The game could bring in $600 million to $700 million in sales over two years, estimates Michael Pachter, an analyst with Wedbush Morgan Securities.
The release could shift attention back to games and away from the $2 billion, $26-a-share, takeover bid from industry leader Electronic Arts (ERTS).
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Take-Two asked shareholders to wait until later this month while it reviews the bid. Take-Two has posted annual losses for years.
A game tied to the movie “Fantastic Four: Rise of the Silver Surfer” sold just 1 million copies last year, compared to 4 million for a game from Activision based on last year’s “Transformers” movie, Pachter says.
Take-Two reported a loss in the busy November-to-January period. “Nobody loses money in the Christmas quarter,” says Pachter.