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EA Delays Take-Two Deal as FTC Investigates

Edge Staff's picture

By Edge Staff

July 8, 2008

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EA said Tuesday that it has complied with a Federal Trade Commission request for more information regarding the publisher's $2 billion bid for Grand Theft Auto house Take-Two.

 

A regulatory filing stated that EA agreed to comply with the FTC's requests on Monday.

As part of the agreement with the FTC, EA said that it will not acquire Take-Two prior to August 21, or prior to a written notice from the FTC upon closing of the investigation.

EA's current hostile bid for Take-Two stands at $25.74 per share, or over $2.1 billion.

Take-Two has rejected EA's offers, calling them "inadequate."

In June, EA extended its tender offer to shareholders until July 18 in order to let the FTC continue its investigation into the potential acquisition.