EA and Take-Two merger still incomplete

Despite earlier complaints from EA that the FTC was being "unnecessarily broad" in its requests for more information about the merger, yesterday it announced it had complied.

The US Federal Trade Commission now has until August 21 to complete its investigation of the proposed merger between Electronic Arts and takeover candidate Take-Two Interactive, maker of Grand Theft Auto IV. In an SEC regulatory filing, EA said it would not proceed with the acquisition before that date.

The $2 billion takeover offer, which is still on the table until July 18, was received coldly by shareholders and investors. The company previously urged its shareholders to take no action in response to EA's offer, and its position remains largely unchanged.

In the midst of the affair, sales of GTA4 reportedly surpassed first-week records set by Microsoft's Halo 3.