Take-Two settles shareholder lawsuit
Publisher enters agreement over last year's proposed buyout by EA
Take-Two has revealed that it has entered an agreement to settle a lawsuit brought by one of the company's shareholders over its refusal to consider a buyout by Electronic Arts last year.
The long-running takeover saga, in which EA initially offered USD 26 per share, lasted for over six months and only ended when EA finally pulled the plug on the deal.
But after the initial proposal was rejected Patrick Solomon, a Take-Two shareholder, filed a class action suit in Delaware over the matter.
According to Marketwatch the new agreement provides for additional disclosure but doesn't include monetary damages.
Take-Two's current share price is less than a third of that EA offer, currently standing at USD 8.28, although that's partly down to the generally poor market conditions.