Acquisition not different than anticipated, says Riccitiello
EA's CEO says the process appears to be going smoothly and is not any different than the company anticipated
Responding to a question concerning Take-Two's issue with an FTC investigative request, Electronic Arts CEO John Riccitiello said that the acquisition process isn't any different than the company had anticipated.
Take-Two was recently ordered by a US District Court to explain why it hasn't complied with an FTC subpoena that the company said would place an undue burden on it. A hearing has been scheduled for June 24 to resolve the matter.
Speaking to investors at the William Blair & Company's 28th Annual Growth Stock Conference, Riccitiello said that - while it was difficult to say more given the regulatory process and disclosure requirements and limitations - he didn't personally read a lot into Take-Two's actions.
"It is not uncommon for these requests to be pretty much all-encompassing, and it is not uncommon for companies to resist and or narrow the scope of inquiry and to do so in a way that can sometimes be interpreted wrongly or misinterpreted by the press," he said.
"Frankly, the process appears to us to be going smoothly and we have to work through it. It is not different than we anticipated."
Riccitiello repeated his assertion that the process wasn't unanticipated, noting that the acquisition was still progressing.
"I am not able to give you a specific time table, although I have a good sense of what it is likely to be in my head, but there are limitations on what we can disclose until we realise certain milestones to the satisfaction of the FTC."