EA has announced in a SEC filing that they have agreed with the Federal Trade Commission not to go forward with the acquisition of Take-Two until the regulators end their investigation or 45 days pass after EA complies with the FTC’s request for information. I guess we can all look forward to the drama continuing a little bit longer. The portion of the SEC filing containing EA’s statements is located after the break.
“On April 16, 2008, Electronic Arts received from the FTC a request for additional information (the “ Second Request” ) under the HSR Act in connection with the purchase of Shares pursuant to the Offer and the Merger. On June 3, 2008, Parent entered into an agreement with the FTC modifying the scope of Second Request, pursuant to which, among other things, Parent agreed that it would not consummate the acquisition of the Company until the earlier of (i) 45 days following substantial compliance with the Second Request or (ii) written notice from the FTC closing the investigation.”
Link to SEC Filing
-Justin
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[...] No surprises here Investors. Another extension of the tender offer was pretty much expected when EA agreed to wait until after the FTC investigation was concluded. According to the press release EA has only tendered 6.1 million shares of Take-Two’s stock (about 8%). You can read EA’s full press release below. (NASDAQ:ERTS) announced today that it has extended its tender offer for all of the currently outstanding shares of common stock (including the associated preferred stock purchase rights) of Take-Two Interactive Software Inc. (”Take-Two”) (NASDAQ:TTWO) to 11:59 p.m., New York City time, on July 18, 2008, unless further extended. The tender offer was previously set to expire at 11:59 p.m., New York City time, on June 16, 2008. [...]