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Court asks Take-Two to explain FTC non-compliance
NEW YORK, June 11 |
NEW YORK, June 11 (Reuters) - Take-Two Interactive Software (TTWO.O) has been asked by a U.S. court to show why it is not in compliance with a subpoena and civil investigative demand by regulators reviewing a takeover bid by Electronic Arts Inc ERTS.O, according to its regulatory filings on Wednesday.
The subpoena and CID, issued by the U.S. Federal Trade Commission, requested that Take-Two provide additional information in connection with EA's $26 a share offer to buy the company.
The U.S. District Court for the District of Columbia has scheduled a hearing on June 24 to determine whether Take-Two is required to comply with the FTC request.
Take-Two said in the filing it intends to oppose the FTC's petition should it be unable to reach a settlement before the hearing. (Reporting by Yinka Adegoke, editing by Gerald E. McCormick)
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