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NEW YORK - Video game publisher Electronic Arts Inc. said Tuesday it is in "substantial compliance" with the Federal Trade Commission's request for information about its proposed buyout of smaller rival Take-Two Interactive Software Inc.
Based on its agreement with the FTC, EA also said in a regulatory filing it will not close any acquisition before Aug. 21 or if the FTC closes the investigation--whichever is earlier.
EA is trying to buy Take-Two, best known for the popular "Grand Theft Auto" series of games, for $25.74 per share, or about $2 billion. Take-Two has repeatedly rejected the offer as too low.
Take-Two spokesman Ed Nebb said in an e-mail the company's position on the offer remains unchanged, and its board remains committed on a process of reviewing all strategic options to maximize Take-Two's value.
"We are considering any and all alternatives which will deliver greater value to stockholders than the current EA offer," Nebb wrote in an e-mail statement.
New York-based Take-Two's shares rose 12 cents to $24.11 in late morning trading.
Redwood City, Calif.-based EA's shares rose $1.26, or 2.8 percent, to $45.64. The stock has traded in the 52-week range of $43.43 and $61.62.
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