Take-Two Named in Shareholder Lawsuit
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SAN FRANCISCO -- Take-Two Interactive's(TTWO Quote) rejection of Electronic Arts'(ERTS Quote) $2 billion takeover bid and its plan to give senior management a financial boost has brought the video-game maker a shareholder lawsuit.
A "breach of fiduciary duty" suit filed Friday in Delaware on behalf of Patrick Solomon, an investor in Take-Two, questions a decision by Take-Two that gives management a substantial financial hike, and asks for the enforcement of stockholders' right to nominate and elect directors at Take-Two's 2008 annual meeting.
Take-Two rejected EA's $26-a-share offer saying it was inadequate, even though it was a 64% premiumover Take-Two's closing stock price on Feb. 15, the last trading day before EA made its latest bid. ...
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