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.
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]