Take-Two Investors Sue, Bail

Vasanth Sridharan | March 10, 2008 7:11 PM

GTAHere's the inevitable shareholder suit in the wake of Take-Two's (TTWO) rejection of Electronic Arts' (ERTS) $2 billion takeout offer: Investor Patrick Solomon's complaint takes TTWO management to task for its recently announced comp package, among other issues.

Meanwhile other investors have complained in different ways: Oppenheimer Funds, TTWO's largest shareholder, has sold 8.8 million shares, or about half of its 23% stake in the company. Fidelity, previously the second largest shareholder, sold 7.5 million shares, dropping its stake from 14.7% to 2.75%.

TTWO shares, valued in ERTS' offer at $26, are now down to $24.85.

See Also: Electronic Arts Puts Take-Two In A $2B Bear Hug

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