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Firms make deal on confidentiality

August 26, 2008|From Times Wire Services

Video game publisher Electronic Arts Inc. signed a confidentiality agreement with Take-Two Interactive Software Inc., opening the way for talks about a possible acquisition.

The accord prohibits either company from disclosing details of any discussions unless they are terminated, Redwood City, Calif.-based Electronic Arts said in a regulatory filing.

New York-based Take-Two, publisher of the bestselling Grand Theft Auto video games, offered to give a financial presentation to Electronic Arts as long as a confidentiality agreement was signed, according to letters made public last week. Electronic Arts agreed to the review after dropping its $25.74-a-share hostile bid for Take-Two, valued at $2 billion.

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