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EA and Take-Two Sign Confidentiality Agreement

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By Tom Ivan

August 26, 2008

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Electronic Arts and Take-Two have entered into a confidentiality agreement that bars either party from “publicly disclosing the status or terms of any discussions or negotiations” relating to ongoing acquisition talks between the pair.

Last week the Federal Trade Commission cleared EA’s proposed acquisition of the Grand Theft Auto publisher following a lengthy investigation by its Bureau of Competition, but EA allowed its long standing offer for Take-Two of $25.74 per-share to expire.

EA and Take-Two subsequently announced plans to continue talks behind the scenes.

“As a result, EA does not intend to make any further announcements regarding the status of any discussions or negotiations with Take-Two unless and until discussions between EA and Take-Two have been terminated or such parties have entered into a transaction,” reads a new SEC filing.

“As previously disclosed, EA now requires due diligence to support any proposal to acquire Take-Two and there can be no assurance that any proposal, negotiations or transaction will result.”