The Federal Trade Commission has cleared EA’s proposed acquisition of Take-Two following a lengthy investigation by its Bureau of Competition.
The non-public investigation into EA’s hostile takeover bid found that the potential merger wouldn’t substantially lessen competition in the games market, removing one of the remaining hurdles blocking a deal.
“Upon further review of this matter, it now appears that no additional action by the Commission is warranted at this time. Accordingly, the investigation has been closed,” reads a letter sent to both publishers.
Earlier this week EA allowed its $25.74 per-share offer for Take-Two to expire, but EA chief John Riccitiello and Take-Two chair Strauss Zelnick have agreed to continue talks behind the scenes.
Take-Two will show EA a presentation that includes "non-public information" such as the company's three year product release schedule and management's financial projections, and the pair will most likely continue to debate on an appropriate per-share asking price.