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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.

Leslie_Katz.jpg
Leslie_Katz.jpg
Leslie Katz Former Culture Editor
Leslie Katz led a team that explored the intersection of tech and culture, plus all manner of awe-inspiring science, from space to AI and archaeology. When she's not smithing words, she's probably playing online word games, tending to her garden or referring to herself in the third person.
Credentials
  • Third place film critic, 2021 LA Press Club National Arts & Entertainment Journalism Awards
Leslie Katz

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.