Topic: How To Invest

Spinoffs & Takeovers Hotline – Friday, August 28, 2020

Article Excerpt

TAKE-TWO INTERACTIVE SOFTWARE, $171.06, symbol TTWO on Nasdaq, is one of the world’s largest independent video game publishers. Its major video game franchises include Grand Theft Auto, NBA 2K, and Borderlands. The company announced on August 18, 2020, that it would pay $192 million to acquire Playdots Inc., a New York City-based creator of mobile games. Playdots has created three hit mobile games. They include Two Dots, which has seen more than 80 million downloads since its launch six years ago. Playdots CEO Nir Efrat will stay on to run the firm once the acquisition is completed. In the three months ended June 30, 2020, Take-Two’s revenue jumped 53.8% to $831.3 million from $540.5 million a year earlier. Sales were higher due to a strong performance from NBA 2K20, Grand Theft Auto V, and Grand Theft Auto Online. The company made $88.5 million, or $0.77 a share, in the latest quarter. That was up 91.1% from $46.3 million, or $0.41. Take-Two’s balance sheet is strong,…