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Take-Two Settles Suit Over Rejected EA Buyout Bids

Law360 (April 6, 2009, 12:00 AM EDT) -- Take-Two Interactive Software Inc. has laid to rest a shareholder class action accusing company executives of trying to stifle a failed buyout offer from rival Electronic Arts Inc.

The video game maker said in a proxy statement filed Monday with the U.S. Securities and Exchange Commission that it had entered into a settlement in principle of shareholder Patrick Solomon's lawsuit, which claimed that Take-Two refused to explore an offer by EA and raised the compensation of ZelnickMedia, the investment company that controls Take-Two, in an attempt...
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