Take-Two Shares Stay Flat (TTWO)
This puts a big kink in Take-Two Chairman Strauss Zelnick’s strategy, which was to sit back and watch the record sales numbers boost up the share price, so EA (ERTS) would have to substantially raise its bid.
The stock is still trading above $25.74, the current value of EA’s offer, so the company is going to have to find a couple of dollars to add to the bid.
But that’s a far cry from the significant undervaluation that Strauss had been talking about. How long will it be until EA makes its move?
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No one is factoring in the success TTWO can have if it stayed independent and built on GTA 4 with releases and expansion packs from the same game engine.
EA dreams of having a hit as big as GTA 4, yet it has never managed to do so on its own and the analysts still give it a 30 forward p/e while EA complains about the valuation of TTWO. Pathetic.
That said, TTWO's success for GTA IV was good, but there was the overall perception for months that GTA IV was delayed for too long... kinda makes it sound like "too little, too late" type of argument for the weak market performance.
There's also that school of thought concerning the game's Mature rating: as long as it's Mature, it's a turn-off for the general population, particularly if it's for Sex and Violence and Language. As long as it's Mature, a lot of people assume that it's immediately decreased its appeal to the general population to a mere fraction of what it could be, by classifying the game as a niche product.
Finally, there's yet another school of thought that goes like this: the markets just don't understand game software, so they frequently defer to public sentiment as driven by the news media. There has already been broadcast coverage about the game, as well as Youtube footage about some of the game's "aspects", so there is a linkage between this line of thought to the Mature rating and the public's reaction to the game as a result.
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