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Reuters has the details.

Quote:
"Take-Two Interactive Software Inc (TTWO.O: Quote, Profile, Research), the target of a $1.9 billion buyout offer by Electronic Arts Inc (ERTS.O: Quote, Profile, Research), said on Friday it had adopted a severance plan for employees who get fired in the event the company is bought.

The plan, adopted on March 3 and detailed in a filing with the U.S. Securities and Exchange Commission, will give executives up to 1.5 times their salary and bonus for up to 18 months if they are fired without cause within a year of a change in control."

Member Comments
# 1 SHAKYR @ 03/09/08 12:17 PM
It seem Take Two is definitely going to sell. Why would they even talk about severance pay at all.
 
# 2 lovitz @ 03/09/08 12:43 PM
I need a severance package like that.
 
# 3 hdaniel1 @ 03/09/08 12:47 PM
Good call on the severance plan. If you hear that you are going to get bought out, might as well start a severance plan. Better be lucky than sorry at the end.
 
# 4 edubbs @ 03/09/08 02:10 PM
I really hate that this is going to happen. Even though I knew the sell was in the works (and this definately confirms it).

I guess Don King boxing, MLB2K8 and GTA are going to be the last titles released this year for Take Two, as they are currently constructed.

If the purchaser is EA (which in all likely hood it is), I doubt very seriously that NBA2K9 or AP2k9 will be released this year OR ever again.

This is really bad news.
 
# 5 BlyGilmore @ 03/09/08 03:03 PM
depending on the terms it might also be another poison pill ... basically crazy terms and conditions that'll make EA or whoever think twice about accepting it.
 
# 6 Mintsa @ 03/09/08 08:32 PM
Damn....as the weeks go buy the news just gets worse.
 
# 7 K_GUN @ 03/09/08 09:37 PM
Quote:
Originally Posted by Mintsa
Damn....as the weeks go buy the news just gets worse.

and not just for video sports-gaming



sad times these are
 
# 8 superjames1992 @ 03/09/08 10:47 PM
Well, I don't know what to think about this. On one hand, if we never see another NBA 2K, then I will be able to dive deep into dynasty mode and really get into it. On the other hand, I will never see a good basketball title again.

There is one possible positive out of all of this in that we could finally see a return of MVP Baseball if EA buys 2K. That was the only EA game I really enjoyed a whole lot.

We shall see, though...
 
# 9 e0820 @ 03/09/08 11:12 PM
Quote:
Originally Posted by superjames1992
There is one possible positive out of all of this in that we could finally see a return of MVP Baseball if EA buys 2K.
2k8 is the next MVP - Thats why Ben Brinkman was "hired" on to work on 2k8. Also, soon EA will become part of Microsoft and thats why Peter Moore was "hired" on to work at EA.
 
# 10 redsox4ever @ 03/10/08 08:43 AM
If you think EA is the only company interested in buying out take two then think again. Microsoft will be in the bidding game when take two starts enteratining real offers for sure. MS would have control of lots of their exclusive game and also own Grand Theft Auto. That would cripple Sony.
 
# 11 aenggeorge @ 03/10/08 09:30 AM
we still have the folks from 989 and .midway, and some other guys that make games too!
 

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