Take Two to Take the United States Government?
GTA IV publisher contesting FTC request
The FTC
11 Jun 2008
Not content with taking fighting off Electronic Arts, Take-Two Interactive, owner of GTA IV maker Rockstar Games could take on the might of the US government's Federal Trade Commission as part of the same war.
The FTC has subpoenaed Take-Two under what is called a Civil Investigative Demand ('CID'). This "requested" that Take-Two "provide additional information in connection with the FTC’s review of EA’s Offer".
A District of Columbia court has now "has scheduled a hearing on June 24, 2008 to determine whether the Company (Take Two) is required to comply with the subpoena and CID."
Take-Two has now stated that if it "cannot negotiate a settlement with the FTC regarding the subpoena and CID prior to the scheduled hearing, the Company intends to oppose the FTC’s petition."
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Yes, you read it right, Take-Two is prepared to do battle with an arm - a very strong arm - of the US Federal Government itself.
You can head over to Take-Two for the nitty-gritty.
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Comments
First comment
Posted by YenRug
So what's the deal here? Did EA go running off crying to the FTC because T2 wouldn't listen to their offer, or something? What's the point, surely they can just say that EA's offer wasn't good enough, or does US company law state that you have to let someone take you over even if they don't offer enough?
Latest comment
Posted by YenRug
tyrion wrote:
Unless do you believe that YenRug? If so sorry to have spoken for you. :-)
Whilst it was being said sarcastically, like you, I wouldn't have been surprised if it had turned out to be true...
The story did seem to imply that EA had sic'ed the FTC on T2 for not agreeing to their offer, it's normal to get monopolies/merger approval after you get agreement to a takeover, otherwise it is kind of pointless to start the process. Maybe T2 can sue EA for the costs of the paperwork, if they're forced to carry it out?
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