Break glass in case of takeover: Take-Two forms severance plan |
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Those of you who have been following the recent industry drama between Electronic Arts and Take-Two Interactive might be interested in this latest development: T2 has formed a severance plan to reassure their staff, just in case EA's takeover pulls through.
The news of the takeover has the industry a little jittery, so it's not surprising that T2's staff need the reassurance. Back when the takeover bid was first announced, even Ubisoft was a little rattled and announced that they were hoping to expand as well.
There is a chance that the EA's bid will turn into a hostile takeover, as industry analyst Michael Pachter points out, so a severance plan doesn't strike as a panicked decision from T2. T2 maintains that the plan doesn't mean the takeover will actually happen.
For those of you interested in the details of the severance plan, here's the skinny:
- T2 executives will be given 1.5x their current salary and a bonus of up to 18 months if they are fired without cause within a year of a change in control.
- Non-executives will receive up to six months in salary.
- The severance plan does not apply to top executives covered under a separate management agreement
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