Closing one of the last doors left over from last year’s EA takeover bid, Take-Two Interactive has entered into an agreement to settle a shareholder lawsuit stemming from their failure to consider EA’s offer.
The lawsuit was filed by Prickett, Jones & Elliott on behalf of Take-Two shareholder Patrick Solomon on Friday, March 7th of 2008, naming both Take-Two Executive Chairman Strauss Zelnick and Chief Executive Benjamin Feder. Solomon objected to the company’s unwillingness to consider EA’s $26 per share offer, which at the time (and currently) was much more than the company’s shares were trading for.
http://kotaku.com/366318/shareholder-sues-take+two
The settlement agreement grants additional disclosure to Solomon, but does not include any monetary damages. Take-Two plans to oppose any request for fees and legal expenses, which its insurance will cover if they are indeed awarded.
So let’s hear it for a big old waste of time and money!
Take-Two in pact to settle shareholder suit over Electronic Arts deal [MarketWatch via Gamasutra]
