After the Federal Trade Commission gave its blessing to continue merger negotiations,
Electronic Arts and
Take-Two Interactive have finally begun its closed door meeting regarding the deal. However, it seems that both parties will be rather tight-lipped regarding the details of the meeting.
EA made a filing yesterday with the Securities and Exchange Commission, which mentions the "secret negotiations" that it will be conducting with Take-Two. Here is an excerpt from the said statement:
On August 25, 2008, [EA] and [T2] entered into the confidentiality agreement contemplated by the letter of August 17, 2008 from Strauss Zelnick, Executive Chairman of the Board of Directors of Take-Two to John Riccitiello, Chief Executive Officer of EA, and the letter of August 18 from Mr. Riccitiello to Mr. Zelnick.
The terms of the confidentiality agreement prohibit each of EA and Take-Two from, among other things, publicly disclosing the status or terms of any discussions or negotiations between EA and Take-Two unless EA or Take-Two notifies the other that it is terminating discussions. As a result, EA does not intend to make any further announcements regarding the status of any discussions or negotiations with Take-Two unless and until discussions between EA and Take-Two have been terminated or such parties have entered into a transaction. As previously disclosed, EA now requires due diligence to support any proposal to acquire Take-Two and there can be no assurance that any proposal, negotiations or transaction will result.
EA is also looking into Take-Two's three year game release schedule. Rest assured that another
Grand Theft Auto title will definitely be included in the list, among other things. In any case, we'll just have to keep our eyes and ears open on any news regarding the outcome of the ongoing talks between the two companies.
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2008-08-27, 09:40 AM
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