Barron’s reports that there are rumors that Take-Two (TTWO) may receive a takeover offer soon. It turned down an offer from Electronic Arts (ERTS) last year. The shares are up 12% to $9.43.
The stock is a dog. Earnings have been poor and the shares have been changing hands at $8, well below the $27.95 that the stock hit when it looked like the firm would be bought. Analysts estimate that in the quarter that will end in April, revenue will fall 60% and that TTWO will lose $.13 a share.
A poor decision by management and the board not to dump the company has cost shareholders dearly. With its prospects dimming, Take-Two will be lucky to get a new offer over $15.
Douglas A. McIntyre
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