Filed under: Deals, Engagements

Shares of Take-Two Interactive Software Inc. (NASDAQ: TTWO) were up 1.5% at $25 early Wednesday after the company late Tuesday reported better-than-expected results for its fiscal first quarter and raised guidance for fiscal 2008. Though the numbers were decent, they may not be strong enough to warrant a significant bump from Electronic Arts Inc. (NASDAQ: ERTS), which is offering $26 a share, or $1.9 billion, to buy the company.

Take-Two reported a net loss of $38 million on revenues of $240.4 million for the quarter ended Jan. 31, compared with a net loss of $21.5 million on sales of $277.3 million for the year-ago period.

In a research note, Wedbush Morgan analyst Michael Pachter expressed skepticism that Take-Two can stage a turnaround, saying that, with the exception of the soon-to-be-released Grand Theft Auto IV, he is “relatively unimpressed” with its 2008 game lineup. He thinks EA will raise its offer by a buck in the next few weeks and that will be enough to seal the deal.

Continue reading at TechConfidential.com.

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This entry was posted on Friday, March 14th, 2008 at 12:08 pm and is filed under Engagements and Deals News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.