(Adds details from filing)
NEW YORK, June 11 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
Take-Two, which makes the popular "Grand Theft Auto" video-
game franchise, rejected a $2 billion buy-out offer from EA in
February, saying the offer did not fairly value Take-Two's
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
Take-Two said it has already provided FTC with "enormous
quantities of data and access to key executives," but said it
believes the FTC's subpoena and CID are "unnecessarily broad
and would entail unacceptable additional expense."
It said to limit the expense and labor of the FTC's demand
it has sought to obtain reasonable limits on the scope of the
Take Two's management said last week it was in formal
discussions with other parties about strategic alternatives.
(Reporting by Yinka Adegoke, editing by Maureen Bavdek)