Stockholder Sues Take-Two Over EA Takeover Bid
The suit, filed by Micheal Maulano on April 11, alleges that Take Two's responses to EA's buyout bid contained "misleading and incomplete" information, and that Take-Two's tactics constitute a breach of fiduciary duty.
In the suit, Maulano demands "declaratory relief, preliminary and permanent injunctive relief, damages, and reasonable attorneys' fees and litigation expenses." The report notes that it is unclear how many other shareholders are part of the class action suit.
Take-Two said in its disclosure that the claims lack merit, and that the company "intend[s] vigorously to defend against them."
Last month, EA attempted a hostile takeover of Take-Two—owner of such properties as Grand Theft Auto, Max Payne, and BioShock—by offering to purchase stock from shareholders at $26 per share.
Take-Two recommended that its shareholders reject the deal, suggesting that EA sought to capitalize on the April 29 release of Rockstar's Grand Theft Auto IV (PS3, X360).
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vertdang
replyThey're gonna make a fuck-ton of money on GTA4, they woulda been idiots to take that lowball deal. now this douchebag (who I'm sure knows jack-shit about gaming) wants to get an injunction? moron.
seriously, GTA4 is going to make them money-hats.-
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Investores want publicly traded companies to make decisions based on the best interests of their shareholders. They care little about the products and services of a company.
wankers!
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EA are monsters. i would not buy gta4 if EA owned it I HATE THEM SO MUCH
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ea sucks (it's in the game) BIG PIGS
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What an asshat, I hate EA
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this guys a complete moron, first estimates say its going to make $400 million on pre orders alone, hope T2 gets to take it's shares off him :) and unfortunately EA do take great franchises and ruin them more often than not.
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Not that I disagree, but the point is that everybody already knows that GTA4 will make money-hats. Even the investors know it, and the stock was trading at way below $26/share before EA announced the offer. Take Two lost money over Christmas. How fucked up does a game company have to be to lose money during the holiday season?
