EA Deadline Again Shifts For Take-Two Acquisition

With the latest deadline for EA's proposed acquisition of Take-Two approaching, a new filing with the SEC shows that EA has amended its proposal and agreed to postpone the deadline further following a new information request from the Federal Trade Commission. FTC investigations were behind the last extension that moved the deadline to the 16th of June, with EA's senior VP of corporate development Owen Mahoney saying that “extending our offer will allow the FTC review process to continue." The latest filing shows that on June 3rd EA agreed to a new proposition with the FTC that it would not complete its acquisition until 45 days after the Commission notified EA that it was in compliance with its ruling, or until it had "written notice from the FTC closing the investigation.” As yet, EA has still not raised its offer beyond $25.74 per share, which Take-Two CEO Ben Feder has repeatedly maintained "fails to compensate our stockholders for our exceptional portfolio of intellectual property, world-class creative resources, and our successful revitalization initiatives."