Gamernode: News - Take-Two making severance plans "just in case"

Take-Two making severance plans "just in case"

We already know about the efforts by EA to buyout Take-Two. The advances of Electronic Arts was scorned by the Board of Directors of T2 and was rejected outright because the price wasn't right.

Electronic Arts offered $26 per share for Take-Two's stock but was rejected because it was considered too low in light of the upcoming release of the expected blockbuster hit, Grand Theft Auto IV.

Although the deal has fallen through, that hasn't stopped Take-Two from taking measures to take care of its employees in the event of it being sold.

Take-Two Interactive Software has put together a severance plan for employees just in case the company is bought and employees are fired in the process. For any executives that may be given the pink slip, the plan offers executives up to 1.5 times their salary for up to 18 months and a special bonus deal in the event that they are fired without just cause if and when Take-Two changes hands

For non-executive employees at Take-Two, they'll receive up to six months salary if they are let go in a takeover.

Although Take-Two refused Electronic Arts' buyout offer, the mere move against it started waves of worry and concern within the company. As a result, Take-Two decided to take measures in order to calm the staff.

With EA breathing down T2's neck in a possible hostile takeover bid, it's no wonder that the employees are a little on the jittery side.

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