Take-Two forms severance plan in case of takeover

Take-Two Interactive Software Inc. the target of a $1.9 billion buyout offer by Electronic Arts Inc , 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. Read more