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We reported recently that Electronic Arts has acquired mobile game company Jamdat. This move is the biggest consolidation move ever.
After the move was announced, Jamdat’s stock soared almost nineteen percent. Yet, one shareholder, Elliott Fox, does not want to see the merger happen. He has filed a lawsuit asking the courts to declare the acquisition unlawful and unenforceable on the grounds of selling too low. He writes, “the proposed acquisition is the product of a hopelessly flawed process that was designed to ensure the sale of Jamdat to one buying group and one buying group only, on terms preferential to Electronic Arts.”