takeover

Friendster finds buyer in Asian payment company

Hot on the heels of Friendster's recent face-lift, the onetime social-networking pioneer has found a buyer.

MOL Global, a Malaysian online payment company, has agreed to purchase Friendster, the companies announced late Wednesday. Terms of the deal were not revealed, but rumors last week said a likely asking price would start around $100 million.

"This combination is a natural progression of our relationship and will be an industry-changing event," Richard Kimber, chief executive officer at Friendster, said in a statement. "The new combined entity gives Friendster the kind of financial backing, retail distribution, and e-commerce infrastructure … Read more

Sun to lay off another 3,000 employees

Sun Microsystems plans to cut as many as 3,000 jobs, or about 10 percent of its global workforce, during the next year as it prepares for Oracle's takeover of the company.

The cuts, revealed on Tuesday in a filing with the U.S. Securities and Exchange Commission, represent the second major round of layoffs in a year for the server maker. Sun announced restructuring plans last November to cut up to 6,000 jobs this year, or 18 percent of its global workforce.

Those cuts were disclosed before Oracle announced its $7.4 billion bid for Sun in … Read more

Reports: DirecTV in talks with Sirius XM

It appears Sirius XM Radio is seeking some sort of an investment from Liberty Media, which controls DirecTV, according to several media reports quoting anonymous sources close to the matter.

A deal between the satellite radio giant and the largest U.S. satellite-TV provider could help for Sirius fend off bankruptcy and an unsolicited takeover attempt from satellite company EchoStar, which has bought up Sirius' debt.

The Wall Street Journal, citing a person familiar with the matter, wrote that "though the talks between Sirius and Liberty are advanced, a deal remains far from certain. It wasn't clear how … Read more

EA drops $2 billion bid to acquire Take-Two

Electronic Arts has abandoned its $2 billion bid to acquire rival game maker Take-Two Interactive Software, ending a seven-month takeover effort that turned hostile before the two companies entered private talks last month.

"After careful consideration, including a management presentation and review of other due diligence materials provided by Take-Two Interactive Software, EA has decided not to make a proposal to acquire Take-Two and has terminated discussions with Take-Two," EA said in a statement Sunday.

The announcement brings to a close EA's long-running, but oft-rebuffed, effort to acquire Take-Two.

EA took its buyout offer public for the … Read more

EA, Take-Two in confidential talks

Rival game makers Electronic Arts and Take-Two Interactive Software signed a confidentiality agreement after agreeing to hold private talks about a potential transaction, EA announced Monday in a regulatory filing.

EA, which had unsuccessfully courted Take-Two for six months, announced last week that it was abandoning its $2 billion hostile bid after Take-Two agreed to present its three-year product release schedule and financial forecasts to EA.

"As a result, EA does not intend to make any further announcements regarding the status of any discussions or negotiations with Take-Two unless and until discussions between EA and Take-Two have been terminated … Read more

EA revises Take-Two acquisition offer, again

Spore isn't the only thing on Electronic Arts' mind. The company still wants Take-Two Interactive.

On Monday, CEO John Riccitiello sent an open letter to Take-Two chairman Strauss Zelnick saying that EA's existing offer to acquire the smaller game manufacturer for $25.74 per share would officially expire just before midnight Eastern time on Monday. It sounds like EA is simply losing patience.

"Given the passage of time, we have to validate the assumptions used in the model to support our offer price of $25.74 per share in cash," Riccitiello's letter read. "In … Read more

Report: Google in acquisition talks with Digg

Social-news site Digg.com, a perpetual target of acquisition rumors, is in "final negotiations" to sell itself to Google for $200 million, according to a TechCrunch report Tuesday that cited multiple sources.

Google has been in talks to bring Digg into the Google News group, but it could be a few weeks before the deal closes, if it closes, according to the report.

Representatives for Google and Digg did not immediately respond to requests for comment.

Usually a "no comment" or the like is the response to questions about rumored acquisition negotiations. However, that was not … Read more

Electronic Arts further extends Take-Two tender offer

Electronic Arts announced Monday that it is extending its tender offer for Take-Two Interactive Software to mid-June, marking its third extension in its hostile buyout attempt of its rival game maker.

EA, which, to date, has received commitments from Take-Two investors to tender roughly 6.2 million shares, or 8 percent of the company, has extended its deadline to June 16. Previously, the deadline was set for May 16.

Taking a jab at its rival, Take-Two Chairman Strauss Zelnick issued a statement: "This is the same highly conditional proposal that EA offered Take-Two stockholders on March 13, 2008, which … Read more

EA goes hostile for Take-Two

Updated March 13, 12:45 PM PDT, to reflect the announcement by EA.

Electronic Arts has launched a $26-per-share tender offer for all outstanding shares of game publisher Take-Two following the rejection of an unsolicited bid.

The bid for the rival publisher of the Grand Theft Auto game places the value of Take-Two at $2 billion. Announced Thursday, the EA tender offer is set to expire April 11 at midnight Eastern Time, unless extended.

The news was first reported by The Wall Street Journal on its Web site Wednesday night, citing people familiar with the matter.

In February, EA issued … Read more

Google's Brin fears the Microhoo borg

Speaking at an event for the Google Lunar X Prize on Thursday, Google co-founder Sergey Brin reiterated his company's position on a Microsoft-Yahoo union, the Associated Press reported.

"The Internet has evolved from open standards, having a diversity of companies. And when you start to have companies that control the operating system, control the browsers, they really tie up the top Web sites, and can be used to manipulate stuff in various ways. I think that's unnerving," Brin said.

It's the same argument Google used when the Microsoft bid for Yahoo was first unleashed.

In … Read more