Take-Two shareholder sues over EA bid

A shareholder of Take-Two Interactive Software has sued the company over its rejection of Electronic Arts' takeover bid.

A shareholder of Take-Two Interactive Software has sued the company for rejecting Electronic Arts' $2 billion takeover bid , The Wall Street Journal reported Monday (subscription required to read entire article).

The suit was filed Friday in a Wilmington, Del., court. According to the Journal, the suit charges that Take-Two executives sought to enrich themselves at the expense of shareholders through a compensation agreement, amended in February after EA made a private offer for the company, that could grant them a big pay-out if Take-Two is acquired.

Two law firms--Prickett, Jones & Elliott, and Schiffrin, Barroway, Topaz & Kessler--filed the suit, which names Take-Two Chairman Strauss Zelnick and CEO Benjamin Feder as defendants.

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Leslie Katz, Crave's senior editor, heads up a team that covers the most crushworthy (and wackiest) tech, science, and culture around. As a co-host of the now-retired CNET News Daily Podcast, she was sometimes known to channel Terry Gross and still uses her trained "podcast voice" to bully the speech recognition software on automated customer service lines. E-mail Leslie.


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