Take-Two: new FTC requests too broad and costly |
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While Electronic Arts has so far been complying with information requests from the Federal Trade Commission (FTC), Take-Two Interactive has reacted rather strongly to new information requests from the FTC.The FTC has recently issued Take-Two a subpoena and civil investigative demand (CID) requesting more info in connection with EA's hostile bid for the company. Take-Two has yet to comply with these new requests.
In an explanation sent to a Washington D.C. U.S. District Court, Take-Two called the subpoena and CID "unnecessarily broad". Take-Two also said that although it will comply with the FTC's prior requests, it would fight against these new ones which would "entail unacceptable additional expense to the Company."
A hearing has been assigned by the D.C. Court for June 24. There, a judge will have to decide if Take-Two is indeed required to comply with the FTC's requests. Take-Two has stated that if they can't come to a settlement with the FTC, they intend to oppose the FTC's petition.
Via Reuters
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Comments [refresh]
Since EA can't take them over 'fair and square', now they're probably "fixing" things behind the scenes to roll out the govt red tape to try and weaken Take Two's financial strength.
A rather sickening 'system of government' we've raised over time: you have all the right in the world to defend yourself. ...Just make sure you're ready to pay for that right, or the Govt will steamroll you with the very method of defense --leaving you financially strapped to fight off the thieving wolves (mega conglomerates like EA) from walking right in afterward and acquiring you for far less than at the beginning of the fight.
you conspiracy people crack me up. The government doesn't have anything to do with this. Its EA using the system of government in a strategic manner in order to get what they want. The government is simply sending the requested paperwork, etc. But of course you will read further into it because, after all, the government is only out to get you... right? No matter what part of the government, they are all out to screw us over and kiss the asses of larger corporations.
Get a clue man.
(though, I do agree with your first statement)
..Then that is my point: EA probably handing some pile of cash to the people who 'investigate hostile takeovers', in order to incur extra expense on the actual company being 'defended'. Meanwhile, because of corruption, the Govt agency no longer serves ANY valid purpose (since it certainly doesn't fill the appropriate roll of 'protector'). It becomes a thorn in the side of those it's intended to defend, and the means by which the corrupt can acquire more. .....I suppose you think that the current state of corporate control over our lives, and general injustice for 'small' (or in this case, 'smaller') business was able to occur all on its own. --No, it wasn't that the FTC was rubber-stamping all these type of shady deals (which is exactly what a 'hostile' takeover is an example of).
...if you've been following the Take-Two - EA deal since it all started, then you'd know that the FTC is INDEPENDENTLY investigating into the merger at the behest of EA.
http://www.qj.net/EA-submits-second-info-request-from-FTC-about-Take-Two-acquisition/pg/49/aid/118394
EA of course asked for this review only because they're required to by law.
Why? Because there's an act against acquisitions leading to monopolies inside a 'economic area' that could be harmful to the 'national economic landscape'. Probes like these are reasons why anti-trust suites of 'the state' against giants such as Microsoft have been successful.
The FTC just want to make sure that once the merger is complete (though it will likely never happen), Electronic Arts will still be providing fair competition to its other companies.
This is why EA cannot make any more advances or even attempt to close a deal. The FTC has told them to hold off, and demands that it be kept that way until the probe is complete.
The Activision Blizzard merger was looked into by government agencies concerned over monopoly as well, so why shouldn't the FTC be entitled to look into this one?
http://www.qj.net/European-Commission-gives-Vivendi-and-Activision-deal-a-thumbs-up/pg/49/aid/118307/page/19