LOS ANGELES, Dec 13 (Reuters) - A Jamdat Mobile Inc. shareholder has sued to stop the company's sale to video game publishing giant Electronic Arts Inc., charging that Jamdat's directors did not attempt to get the "highest price reasonably available."
Jamdat (JMDT.O: Quote, Profile, Research) , the biggest provider of games and other content to mobile phones and wireless devices, last week announced it had agreed to be acquired by Electronic Arts (ERTS.O: Quote, Profile, Research) for $680 million.
Meanwhile, several financial analysts have called Electronic Arts' offer for the wireless game company richly valued. In particular, Piper Jaffray analyst Anthony Gikas said Electronic Arts' proposed price was $200 million too high.
A spokesman for Jamdat was not immediately available for comment.
In a proposed class action filed on Monday in Los Angeles Superior Court, Jamdat shareholder Elliott Fox said "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."
Fox has asked the court to declare the acquisition agreement unlawful and unenforceable.
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