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.

About the author

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.

 

Join the discussion

Conversation powered by Livefyre

Show Comments Hide Comments
Latest Galleries from CNET
The best tech products of 2014
Does this Wi-Fi-enabled doorbell Ring true? (pictures)
Seven tips for securing your Facebook account
The best 3D-printing projects of 2014 (pictures)
15 crazy old phones from a Korean museum (pictures)
10 gloriously geeky highlights from 2014 (pictures)