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Take-Two reaches agreement with FTC

The FTC limits the scope of information the company needs to provide in connection with the EA acquisition attempt

Take-Two Interactive said that it has reached an agreement with the US Federal Trade Commission on providing information regarding a takeover bid by Electronic Arts.

Accoprding to a Reuters report, Take-Two said that it agreed with the FTC on Wednesday to continue to provide information - but to limit the scope of information and access to witnesses in a way that will reduce the cost and distraction to its employees.

The agreement averts the need for a hearing scheduled for June 24 by the US District Court for the District of Columbia. The court had asked Take-Two to show why it was not complying with a subpoena and civil investigative demand by regulators.

Responding to questions about Take-Two's issues with the FTC, EA CEO John Riccitiello said it wasn't uncommon for companies to ask to narrow the scope of inquiry.

Earlier this week, EA extended its USD 2 billion takeover offer for Take-Two to July 18 to allow the FTC to review the deal. Take-Two has continued to reject the offer as too low.

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Mark Androvich