Following its Federal Trade Commission (FTC) filing this morning, Electronic Arts stated that it is in "substantial compliance" with legal requirements necessary to further its takeover bid of Take-Two Interactive. This brings the world's biggest third-party publisher one step closer to acquiring its rival.

Earlier last month, both companies involved in the proposed merger were asked by the FTC to submit information on the potential buyout. It took a while to get the two firms to comply, but now both have submitted the necessary documents which will allow the FTC to probe against potential antitrust law violations.

EA's bid will now extend beyond the July 18 deadline earlier issued. The company has promised that there will be no action on the matter before August 21 this year.

The EA offer currently stands at US$ 2 billion, which prices Take-Two's shares at US$ 25.74 individually. This is significantly higher than Take-Two's actual share prices in the NASDAQ which are currently pegged at US$ 24.26, but the company's board has repeatedly turned down the bid, branding it as "too low."

Acquiring Take-Two will give EA ownership over the record-breaking Grand Theft Auto game franchise. It will also eliminate 2K Sports, the only major rival to its multi-billion dollar division EA Sports to give it a virtual monopoly over all major pro sports game franchises.

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