Take-Two stock down after Zynga acquisition

After the news of the Zynga acquisition was made public, Take-Two’s stock price plunged.
Take-Two stock down
Take-Two Interactive shares fell after the Zynga acquisition.

Take-Two Interactive CEO Strauss Zelnick was a guest on CNBC to talk about his company’s stock following the $12.7 billion purchase of Zynga. Take-Two acquired Zynga for cash and stock at $9.86/share. The acquisition has made Take-Two one of the largest game publishers in the mobile game industry.

Zelnick used the following words in a statement to CNBC:

“Without regard to any revenue synergies we expect the combined company to grow its top line about 14% annually for the next three years. We’re building this company for the long term, and that’s always been our approach.”

After the news went public, Take-Two’s stock price dropped below $140/share. Zelnick isn’t bothered by that, though.

Zelnick continued his speech with the following words:

“We are trying to build a business over a very long period of time. We’ve never paid that much attention to intraday trading marks. We’ve paid attention to creating value; for our players, for our colleagues, and most importantly for our shareholders. That’s worked out over a very long period of time, and I believe it will work out here as well.”

Take-Two’s stock price again climbed above $150/share. Stock price rebounds, still below $180/share point in January.

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