Take-Two to provide takeover bid information
Reaches agreement with FTC; hearing set for TuesdayNEW YORK -- Video game maker Take-Two Interactive Software said Thursday that it reached an agreement with the U.S. Federal Trade Commission on providing information regarding a takeover bid by larger rival Electronic Arts.
Take-Two said that it agreed with the FTC on Wednesday to continue to provide information, but limit the scope of information and access to witnesses in a way that will reduce the cost and distraction to its employees.
The agreement will also avert the need for a hearing scheduled for Tuesday by the U.S. District Court for the District of Columbia, Take-Two said in a regulatory filing. The court had asked Take-Two to show why it was not complying with a subpoena and civil investigative demand by regulators.
Earlier this week, EA extended its $2 billion takeover offer for Take-Two to July 18 to allow the FTC to review the deal. Take-Two has rejected the offer as too low.