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Take-Two Shareholder Suit

The Los Angeles Times reports that Take-Two Interactive has been hit with a lawsuit brought by a shareholder who feels that Take-Two management deliberately concealed a takeover bid by Activision (story). On a related note, Biggest Take-Two Shareholders Slash Stakes has word that some shareholders have decided to sell as shares rise on takeover news. Here's a bit on the lawsuit :

A Take-Two spokesman declined to discuss the suit in detail. "We believe the claim lacks merit, and we intend to defend vigorously against the litigation," the New York-based company said in a statement.

The lawsuit, filed by Prickett, Jones & Elliott on behalf of Take-Two shareholder Patrick Solomon, alleges that the company's board rejected an undisclosed acquisition offer from EA and then acted to increase what its executives would be paid if the company were sold. The suit names Take-Two Executive Chairman Strauss Zelnick and Chief Executive Benjamin Feder, who are partners of investment company ZelnickMedia, which led a boardroom coup in March 2007 that wrested control of the video game company.

The suit spotlights the board's decision Feb. 15 to increase ZelnickMedia's management fees and bonuses to what it calls "an exorbitant" $16.5 million, from $3.8 million, in the event the company were sold. The suit also questions a provision, up for a shareholder vote at next month's annual meeting, that would grant ZelnickMedia 780,000 shares if the company were sold before March 31, 2009, and 1.5 million shares if it were sold after that date. At $26 a share, that stock grant would be worth $20 million to $39 million, depending on when the transaction closed.

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8. Re: No subject Mar 11, 2008, 11:01 SkavenUK
 
I just feel sorry for all the talent who makes the games having to put up with all this bs going on.

This comment was edited on Mar 11, 15:44.
 
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