Zynga still expects Take-Two deal to close in fiscal Q1 after 'go-shop' period is completed

Zynga Inc. ZNGA, +4.20% said Friday the “go-shop” period under its previously announced merger agreement with videogame publisher Take-Two Interactive Software TTWO, +1.16% has been completed and said it still expects the deal to close in the first quarter of Take-Two’s fiscal 2023 ending June 30, 2022. “Zynga’s Board of Directors continues to believe that the transaction with Take-Two is in the best interests of Zynga and its stockholders, and recommends that Zynga’s stockholders approve and adopt the Agreement,” the company said in a statement. Take-Two announced plans to acquire Zynga in January in a $12.7 billion deal that would give it greater exposure to the mobile-gaming business. The company intends to pay $3.50 in cash and $6.36 in Take-Two shares for each share of Zynga. Zynga shares were up 1.1% premarket, while Take-Two was up 0.8%.