Two of Take-Two's largest shareholders have drastically cut their stakes in the company, while a shareholder lawsuit in Delaware accuses the company of "breaches of fiduciary duty."
Take-Two's biggest shareholder, Oppenheimer Funds, reduced its stake in the company from 23 to 11.5 percent. FMR LLC's reduction of shares was even more dramatic, dropping from 14.7 percent down to just 2.75 percent.
Take-Two's refusal to consider EA's acquisition offer, as well as the generous severance plan it sketched out for its executives should the merger go through, apparently prompted the lawsuit. Take-Two refused EA's offer, saying it was too low.
See Also:
- Take-Two Reveals Details of Employee Severance Package
- Take-Two Rejects $2 Billion EA Buyout Offer
- Take-Two Stock Skyrockets on EA Offer
- Electronic Arts Offers $2B For Take-Two
Take-Two Shareholders Slash Stakes [Reuters]
