Take-Two agrees to give FTC information on possible EA deal |
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Game publisher Take-Two Interactive has finally agreed to cooperate with the Federal Trade Commission regarding its on-going take-over bid struggle with larger firm Electronic Arts. Take-Two was earlier sent a subpoena to provide information about the deal to the government.Take-Two expressed its willingness to comply Wednesday and agreed to provide information on a limited scope. The company said that this is to prevent expenses and distractions from mounting up on its employees.
Take-Two was earlier accused by the FTC of delaying the submission of information and issuing illegible documents to them. One Take-Two lawyer was even quoted as saying "Take-Two had decided that it was unfair for the commission to burden it with the expense and effort that would be required to comply."
Federal trade laws require parties involved in deals worth more than US$ 60 million to submit information to be assessed by the FTC. this is a process done to avoid antitrust law violations.
It can be recalled that EA extended a take-over offer worth US$ 2 billion to Take-Two. The offer was deemed too low by the Grand Theft Auto 4 publishers and was subsequently rejected. Nonetheless, the offer still stands and EA gave Take-Two up to July 18 to accept it.
Via Reuters
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Comments [refresh]
NOW EA WANTS TO PLAY HARDBALL.. NOW ITS TIME TO GET A WEBSITE PETITION MADE THAT WILL ILLUSTRATE TO EA LAWYERS THAT THE PAYING PUBLIC CAN BE A POWERFUL DETERENT AGAINST SELFISH HOSTILE TAKEOVER BIDS BY NOT BUYING THERE CONVEYER BELT PRODUCTS....EVEN TAKING INTO ACCOUNT THE DUE PROCESS OF THE FTC WE HAVE A SITUATION HERE THAT WE ALL RECOGNISE AS BULLYING TACTICS.. WELL THEY CAN KISS MY MONEY GOODBYE ......
you're boycotting ea now, because of this??
I am, for the time being.
dumb EA's gready ars.. they suck and take-two owns so im on t2's side.
ah let the boycotting begin. :)
BAWWWWWWWWWWWW
Internet petitions, oh boy! Those are SUPER-effective!
Thats the problem with having a company owned by multiple share holders. The FTC can literally force a deal to happen if they think it is in the best interest of a companies share holders although they don't really know how we think and really such a deal may have negative effects.
Don't want EA behind the next GTA .... i want a good game , not a boring one. I'm not sure a GTA made by EA would have so much content like the last one ... they will think profit before quality.