Take-Two has resolved its issues with the Federal Trade Commission, clearing at least one regulatory obstacle for Electronic Arts' acquisition bid, the company revealed in an FTC filing this morning.
The U.S. District Court of Washington D.C. had asked Take-Two to show why it wasn't complying with the FTC's broad-ranging information request as it investigates potential antitrust issues for the possible combination, probably regarding the companies' sports portfolios.
For its part, Take-Two had claimed that complying with the full scope of the FTC's requests would have been too expensive and labour-intensive, and asked for "reasonable limits".
It's now gotten those limits yesterday through an agreement with the FTC, and the investigation will now continue without the need for Take-Two to appear in court. EA had also previously reached an agreement with the FTC that would delay any acquisition attempt until the completion of the investigation - the fact that Take-Two won't have to appear in court should simplify the process quite a bit.
Said Take-Two in a statement, "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 minimise the distraction to the Company's employees. The Company intends to continue to cooperate fully with the FTC".
EA's current offer deadlines July 16th, but any acquisition will have to wait until the FTC makes its final determination.