Take-Two has settled an agreement with the Federal Trade Commission (FTC) limiting the information it has to provide for the regulator regarding the takeover bid by Electronic Arts (EA).
“The agreement will allow the company to appropriately limit the scope of its production of information and witnesses,” says Take-Two in a regulatory filing. The firm also says the deal will “alleviate” the need for a court hearing, scheduled for next week and should “substantially reduce” the economic burden on Take-Two.
The announcement comes after Take-Two rejected EA’s extended takeover bid for the fourth time earlier this week. The USD2bn unsolicited offer has been accepted by 7.9% of the Take-Two shareholders to date. EA postponed the offer deadline earlier this month to Jul 16.