SiliconBeat

Take-Two Interactive Software says it reached agreement with the Federal Trade Commission to “appropriately limit the scope of its production of information and witnesses” in connection with the FTC’s review of San Mateo-based Electronic Arts’ bid to buy the New York developer of entertainment software, including the blockbuster hit Grand Theft Auto IV, according to a
filing the company made with the SEC today.

“The Company is pleased that a resolution has been reached that should substantially reduce
the economic burden on the Company and focus the inquiry in a way that should minimize the
distraction to (its) employees.”

On Tuesday, EA extended its $2 billion tender offer for Take-Two for the fourth time, to July
18, saying that only 6.1 million, or about 7.9 percent, of Take-Two shares had been tendered
in support of the deal as of 5 p.m. Monday, when the offer had been set to expire at midnight.
“The latest extension of EA’s unsolicited, highly conditional tender offer does not alter the
fact that their proposal still significantly undervalues Take-Two, a fact that is reflected in
the overwhelming number of stockholders who still have not tendered their shares,” said
Take-Two’s chairman, Strauss Zelnick, in a filing Tuesday.