The New York Times reported on Wednesday that the board of directors for video game publisher Take-Two Interactive Software, facing a buyout offer from Electronic Arts, approved new compensation packages for its management firm that would take effect with a merger or acquisition.
The new measures, approved within days of EA's initial offer, concern Take-Two's agreement with management firm ZelnickMedia. Under the revised terms, in the event of a takeover, ZelnickMedia would be awarded two restricted stock grants of 780,000 shares.
At EA's $26-per-share offer, that would be worth $20 million. Additionally, Take-Two's monthly management … Read more