Take-Two Interactive is expected to finalise its takeover of Zynga during the next week after a special meeting of stockholders of each approved all proposals related to the transaction.
The closing on the business combination is slated to take place before the market opens on May 23, 2022, subject to the satisfaction of the remaining customary closing conditions.
Shares of Zynga will cease trading after the market closes today (May 20, 2022), and following which the group will no longer be listed on the NASDAQ exchange.
“I thank our stockholders for their support of this transaction, which will create an unparalleled portfolio that reaches massive audiences across key platforms, genres, and territories,” said Frank Gibeau, CEO of Zynga.
“We are excited to be one step closer to combining Zynga’s free-to-play expertise and next-generation mobile platform with Take-Two’s best-in-class capabilities and renowned intellectual properties. We look forward to what our team can accomplish with Take-Two.”
New York headquartered firm Take-Two first detailed its cash and stock transaction, with a total enterprise value of approximately $12.7bn, in January.
Upon the closing of the transaction, Zynga will be combined with Take-Two and its stockholders will be entitled to receive $3.50 in cash and 0.0406 shares of Take-Two common stock per share of Zynga common stock.
“We are extremely pleased with the results from our special meeting earlier today and I’d like to thank our stockholders for their support as we embark on this exciting new chapter for our business,” said Strauss Zelnick, Chair and CEO of Take-Two.
“We believe that our combination with Zynga will be transformative for our company as we create a powerful and diverse portfolio of industry-leading titles, while also becoming a leader in mobile games.
“As we deliver on our vision and unlock cost synergies and revenue opportunities together, we believe that we can achieve significant growth and create long-term stockholder value.”