(Adds details from court documents)
NEW YORK, June 19 Video game maker Take-Two
Interactive Software Inc (TTWO.O) and the Federal Trade
Commission have reached agreement on providing information
regarding a takeover bid by larger rival Electronic Arts Inc
Take-Two said it agreed on Wednesday to continue to provide
information, but limit the scope of information and access to
witnesses in a way that will reduce the cost and distraction to
EA this week extended its $2 billion takeover offer for
Take-Two until July 18 to allow the FTC to review the deal.
Take-Two has rejected the offer as too low.
The FTC had asked a court to enforce subpoenas for
information about the takeover, and a hearing had been set for
June 24 to discuss the issues, according to court documents.
That hearing, in the U.S. District Court for the District
of Columbia, has now been canceled, according to court
documents and Take-Two. A hearing is now set for July 8 to deal
with any additional disputes, according to the documents.
The FTC had accused Take-Two of responding to its subpoenas
slowly, with incomplete information and sometimes giving
At one point, according to a document from the FTC filed
with the court, a Take-Two lawyer told the FTC that "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."
The FTC assesses deals over a certain size -- about $60
million -- to ensure that they do not violate antitrust laws.
(Reporting by Michele Gershberg and Diane Bartz, editing by
Gerald E. McCormick and Braden Reddall)