On March 26th, Take-Two Interactive announced the creation of a 180-day shareholder’s rights agreement — or poison pill — in order to ward off Electronic Arts’ hostile tender offer. 180 days have now elapsed, and with the threat/benevolent offer of EA ownership behind them, the board has today followed through with its original promise to purge itself of poison.
From the SEC filing:
At the time the Board of Directors adopted the stockholders rights plan, it committed to redeem the Rights 180 days after the date of adoption. On September 19, 2008, consistent with such commitment, the Board of Directors approved the redemption of all the outstanding Rights pursuant to the Rights Agreement. The redemption is effective immediately and holders of Rights have no further rights with respect to the Rights other than to receive a redemption payment of $0.0001 per Right. The redemption payment will be paid to stockholders of record as of the close of business on September 29, 2008. As a result of the redemption, the Rights Agreement has terminated.
If we had a ten-thousandth of a penny for every time…
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