Take-Two Interactive Finds a Way to Cooperate With the FTC on EA Acquisition Investigation

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Take-Two InteractiveIt appears that Take-Two Interactive is prepared to end its stonewalling of the Federal Trade Commission's investigation of the impact of a potential merger with EA.
Take-Two Interactive was refusing to cooperate with the FTC's requests for information, arguing that the requests were unduly burdensome on Take-Two Interactive. (Put another way, Take-Two claimed the investigation, for a transaction it opposes, was costing time, resources and nearly $50,000 per day in legal fees.) The FTC was prepared to take Take-Two Interactive to the U.S. District Court to force it to comply.

Yesterday, Take-Two Interactive stated that it "reached an agreement with the Federal Trade Commission which will continue to allow the FTC access to the information it seeks in connection with its review of EA's Offer. The agreement will allow the Company to appropriately limit the scope of its production of information and witnesses, and alleviate the need for a hearing in the U.S. District Court for the District of Columbia on June 24, 2008.

The Company is pleased that a resolution has been reached that should substantially reduce the economic burden on the Company and focus the inquiry in a way that should minimize the distraction to the Company's employees. The Company intends to continue to cooperate fully with the FTC."

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This page contains a single entry by Editor published on June 19, 2008 5:19 AM.

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