T2 Comes to Terms with FTC

Agreement Reached keeps T2 out of Court

Take-Two has cleared one hurdle for acquisition–whether it wants to be acquired or not.

The company has reached an agreement with the Federal Trade Commission on its information request.  That request is part of an ongoing FTC investigation as to whether a possible Electronic Arts acquisition of T2 would be anticompetitive.

Because an agreement was reached, Take-Two won’t have to show up in DC district court to plead its case.  Previously T2 felt such broad information access the FTC was requesting would become a financial burden on the company.

The agreement also ensures there will be no buyout from EA until that FTC investigation is complete.

Said Take-Two on the news today:

The Company is pleased that a resolution has been reached that should substantially reduce the economic burden on the Company and focus the inquiry in a way that should minimize the distraction to the Company’s employees. The Company intends to continue to cooperate fully with the FTC.