Take-Two Strikes Deal with FTC to Provide Info on EA Bid

Redwood City, Calif. -- Take-Two Interactive, the New York-based video game publisher behind "Grand Theft Auto," said that it has reached a deal to provide information to the Federal Trade Commission (FTC) regarding Electronic Arts' takeover bid. Take-Two, which initially had refused to comply with a subpoena from the FTC, said that the agreement will allow it to "limit the scope of its production of information and witnesses," and also "substantially reduce the economic burden on the company." The agreement also alleviates the need for a federal court hearing, which had been scheduled for June 24. Take-Two repeatedly has rejected EA's unsolicited $2 billion takeover bid. Redwood City-based EA earlier this week extended its tender offer for the company until July 18. So far, less than 8% of Take-Two's shares have been tendered.
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