No EA Buyout Of Take-Two Before August 21

Officials from Electronic Arts have announced that the company is in “substantial compliance” with the Federal Trade Commission (FTC) request for information concerning its ongoing attempts at a hostile takeover of Rockstar Games owner Take-Two Interactive. Electronic Arts has agreed with the FTC not to conclude any acquisition before August 21st, 2008, although a deal could be struck earlier if the FTC officially closes its investigation before then. However, Take-Two has repeatedly described Electronic Arts offer of $25.74 per share (around $2 billion in total for the company) as too low and Electronic Arts has repetedly been forced to extend its deadline for shareholders to accept the offer. The current deadline is July 18th, although even as it was announced Electronic Arts indicated that it would be willing to extend it once again if the buyout is not successful. Take-Two’s position also appears unchanged, according to an Associated Press report quoting an e-mail from Take-Two spokesman Ed Nebb. “We are considering any and all alternatives which will deliver greater value to stockholders than the current EA offer," stated Nebb.