Electronic Arts has agreed to wait on completing any potential acquisition of Take-Two until the Federal Trade Commission has completed its investigation of the possible merger, the company revealed today through an SEC filing.
Under the agreement, no transaction will be completed until the FTC has finished its probe, which can take up to 45 days instead of the customary 30.
“We’ve entered an agreement with the FTC to modify the scope,” said an EA spokesperson. “This is a normal part of the review process, which allows us to move through the review as expeditiously as possible while giving the FTC additional time in which to complete its full review and work.”
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In mid-1980s Nicaragua, a woman stood beside a burnt out bus in a tiny, remote town. Game designer Jim Gasperini was in the region to visit his brother, a journalist covering Contra issues during the Reagan administration.
The bus, the woman told Gasperini, had been provided by the Nicaraguan government, and she had relied on it as her only means of visiting her sister. The Contras - anti-government guerillas funded by the U.S. - had destroyed the bus. The woman, passionate about American democracy, told Gasperini that if he could just tell everyone back in the States about what had happened to her bus, Americans would vote to help, the Contras would cease their attacks, and she could travel to her sister’s again.
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Wire service AFP reports that last night’s deadline for Take-Two shareholders to agree to EA’s takeover bid passed without a peep from either side. Take-Two commented earlier Friday saying that the issue “is in [EA's] court.” EA would not comment on the situation.
In non-business news, the AFP could’ve probably used an editor on staff who plays video games while reporting this story. Forget the semi-understandable error that it called GTA IV, a game with one of the best retail launches of all time, Grand Theft Auto IV: Liberty City Stories. Focus more on the fact that the AFP in reporting about GTA IV says, “Players score points with acts such as carjacking and killing prostitutes or police officers.” Looks like Rep. Lee Terry and the AFP are getting their info from the same source.
Filed under: Rumors
Eons ago, when many of you were in diapers, Shawn Fanning developed a program called Napster. The program was widely praised for its ability to allow users to trade media with each other freely. Eventually the music industry caught up to Fanning and Napster and the whole thing, as they say, is history.
Fast-forward to today. According to a report on Techcrunch, Fanning is poised to sign away his new company, the co-founded gaming social networking site Rupture, to publishing powerhouse Electronic Arts for $30 million. According to the story, Fanning and fellow Rupture founder Jon Baudanza will retain positions within EA and further speculates that EA has purchased the site for its data and stat tracking technology that allows users to chat and share gathered information with Rupture subscribers.
What’s that old saying? Oh yeah. Big brother is watching you! Look out behind you! We can’t believe you fell for that dude.
[via BigDownload]
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Electronic Arts, Take Two sittin in a tree
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