Take-Two stock down in wake of Zynga purchase, Zelnick not bothered
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Take-Two boss Strauss Zelnick appeared on CNBC to talk about his company’s stock following the $12.7 billion Zynga acquisition. Take-Two purchased Zynga at a price of $9.86/share in a cash and stock deal. The purchase turned Take-Two into one of the largest gaming publishers in the games industry.
“Without regard to any revenue synergies we expect the combined company to grow its top line about 14% annually for the next three years,” Zelnick told CNBC. “We’re building this company for the long term, and that’s always been our approach.”
Take-Two’s stock price dropped below $140/share after the news went public. Zelnick, though, isn’t bothered by it.
“We are trying to build a business over a very long period of time,” said Zelnick. “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.”
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Take-Two’s stock price has since climbed back above $150/share. While the stock price is recovering it still remains well below where it entered January from, at around $180/share.
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