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EA agrees to delay Take-Two acquisition pending FTC review

Wed 04 Jun 2008 6:53pm GMT / 2:53pm EDT / 11:53am PDT
Business

Electronic Arts has agreed to certain conditions before consummating its acquisition of Take-Two

Electronic Arts has filed a form with the SEC in which it agrees not to consummate the acquisition of Take-Two until the FTC has closed its investigation or until 45 days have elapsed from the time that the company "substantially complied" with the FTC's request for information.

On April 16, as part of its review of the USD 2 billion takeover deal, the Federal Trade Commission made a second request for information from EA. This request came shortly before the first deadline for Take-Two to accept EA's tender offer.

EA later amended and extended its offer, which currently expires on June 16.

Take-Two - which reports its earnings tomorrow - initially rejected EA's offer and indicated that it would wait until after the launch of GTA IV to enter merger talks. GTA IV launched five weeks ago; Take-Two has not yet shown any indication that it has changed its stance.

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