Following the revelation of Take-Two rejecting the Electronic Arts (EA) $2-billion bid on February 24, one of Take Two's shareholders has sued the company for rejecting the offer, as reported by the Wall Street Journal. The suit reportedly filed in Delaware Chancery Court on Friday, March 29, 2008, alleges that Take-Two top executives wanted to make a buck for themselves at the shareholders' expense by way of a 'compensation agreement'. The opportunity for the Take-Two bigwigs, apparently, came into being after EA made an alternate private offer to them for taking over the company. The two law firms who've filed the suit are Prickett, Jones and Elliott, Schiffrin, Barroway, Topaz & Kessler. They have named Take-Two Chairman Strauss Zelnick and CEO Benjamin Feder as defendants. For the uninformed, Take-Two is the maker of the wildly popular "Grand Theft Auto" or GTA series of video games.Source | |
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