Take-Two Creates EA Buyout Severance Plan

[Modelworks]

Despite all the delays, it looks like take2 is going to do the sale to EA.



http://www.gamasutra.com/php-b..._index.php?story=17785

Take-Two has reportedly created a severance plan to take care of employees who may be laid off in the event of an acquisition, following Electronic Arts' $1.9 million buyout offer.

According to Reuters' report, an SEC filing shows that the plan would give executives up to 1.5 times their salary and bonus for 18 months if they are fired without cause within a year of a change of company control. The filing also shows six months' severance pay for non-executive employees.

Take-Two chairman Strauss Zelnick, CEO Ben Feder, and other top executives are covered under a separate management agreement, Reuters says.

Janco Partners analyst Mike Hickey commented to the news agency, "[EA's] bid probably created fairly large internal disruption and without a severance plan, employees are worried about losing their jobs. They want to keep people focused and give them some sort of support."

The company is likely focused at the moment on the April 30 launch of Rockstar-developed Grand Theft Auto IV, the next-gen debut of one of the company's flagship franchises.

Zelnick has said that Take-Two will re-initiate buyout discussions with EA after the title's launch, while EA CEO John Riccitiello has stressed the time sensitivity of the offer.

 

[Beev]

I keep crossing my fingers hoping it doesn't happen, but it's inevitable.

FUCK EA.

 

[Schadenfroh]

following Electronic Arts' $1.9 million buyout offer.

Typo?

 

[Maximilian]

NO!!!!! PLEASE NO!!!!!

I cant put into words how much i fucking hate EA... I swear if they wreck GTA as bad as theyve wrecked everything else... ill cry!

 

[apoppin]

Originally posted by: Schadenfroh

following Electronic Arts' $1.9 million buyout offer.

Typo?

i would hope so .. *we* could buy them for those peanuts

it won't affect anything launching in April

 

[Maximilian]

Originally posted by: apoppin

Originally posted by: Schadenfroh

following Electronic Arts' $1.9 million buyout offer.

Typo?

i would hope so .. *we* could buy them for those peanuts

it won't affect anything launching in April

Since when have you been a leopard? Weren't you a wolf before? All these changes... i don't like change

 

[CP5670]

The bad side of this is that EA will grow even bigger.

The good side is that Take Two will no longer be around as a publisher. Hopefully Bioshock will be the first and last game with such a draconian DRM scheme.

I think the good and the bad balance out in this case.

 

[apoppin]

Originally posted by: Soviet

Originally posted by: apoppin

Originally posted by: Schadenfroh

following Electronic Arts' $1.9 million buyout offer.

Typo?

i would hope so .. *we* could buy them for those peanuts

it won't affect anything launching in April

Since when have you been a leopard? Weren't you a wolf before? All these changes... i don't like change

i got kicked out of my den after i told them to woof-off
:Q

i just got tired of being "lone wolf" .. and since there is no "jackal" avatar [] .. i had to consider for awhile; i never appreciated cats until my own had kittens and raised their family as felines do naturally - it is quite an impressive "family unit" - a "pride" where the father spends as much time with the kittens as the mother does. i was impressed.

Lion just doesn't fit me; too relaxed .. cheetah is small, wiry, "nervous" - FAST [0-70 m.p.h. in 3.0 sec] .. solitary .. smart .. sneaky and cunning ..
-but doesn't climb well .. i guess i AM a "non coalition" Cheetah ..for now :roll:

 

[bamacre]

Originally posted by: Soviet
NO!!!!! PLEASE NO!!!!!

I cant put into words how much i fucking hate EA... I swear if they wreck GTA as bad as theyve wrecked everything else... ill cry!

 

[Lonyo]

It's a plan to make sure the employees don't panic. Similar to what EA and THQ already have in place.
Makes sense given the current climate, and doesn't necessarily indicate anything about them planning to accept an EA takeover.

 

[DannyLove]

wow

 

[Inferno0032]

EA has, for quite some time, been quite a bitch, to put it frankly. However, recently the, I read an article, i believe from the CEO, admitting to not doing business very well. He also showed that he realized how the gaming community approached EA in their attitudes, and perhaps things may make a change for the better with EA.

Buyouts still suck, especially at the rate EA seems to be doing. It eliminates creativity, any thing new, great concepts, and, possibly most importantly, ends competition, making less drive for better and more intuitive games, and as well as price battles. All large, monopolistic cons resulting from corporation domination.

 

[Skott]

So now the piracy rate will go up to 99%?

 

[bullbert]

Originally posted by: Skott
So now the piracy rate will go up to 99%?

No, up to 101%.

 

[TallBill]

Blah, really don't like EA. They were good back in the day, but now are just assholes who put out crap.

 

[Schadenfroh]

The hostile take over has begun

SAN FRANCISCO (Reuters) - Electronic Arts Inc on Thursday launched a hostile offer for rival video game maker Take-Two Interactive Software Inc at $26 a share, taking the $2 billion bid directly to stockholders.

 

[Oyeve]

And anotherone bites the dust.

 

[SonicIce]

They just couldn't resist a slice of that GTA pie

 

[PhatoseAlpha]

Oh look, the CEOs get a golden parachute with a raise and a bonus and the actual workers get six whole months.

Let EA smoke em.