Take-Two up for sale?
Ok, if you haven’t heard yet, Take-Two Interactive has been in the midst of a major struggle between it’s shareholders. It’s gotten so bad that members of Take-Two’s board of executives are feeling the heat, and are worried about losing their positions. Spawned by OppenheimerFunds, D.E. Shaw Valence Portfolios, S.A.C. Capital Management and Tudor Investment, which together own approximately 46% of Take-Two Interactive’s stock, has threatened to overthrow acting CEO Paul Eibeler. This would, naturally, bring about a change within Take-Two Interactive.
Because of this, Take-Two has officially pushed back their shareholder’s meeting one week, from the 23rd to the 29th, in order to, and I quote “provide additional time to review the proposed actions of the shareholder group and also to evaluate alternative courses of actions that could potentially be presented to the shareholders.” They went on to say that one of the possible courses of action is, I quote again, “a possible sale of the Company” although they go on to say that “There is no assurance that any specific alternative proposal will be forthcoming.”
In short: They want to sell, but haven’t found a buyer yet.
If there is any good to come from this, it seems that the news of a possible sale has risen Take-Two Interactive’s NASDAQ stuck by more than $1.50 a share, to around $22.00 a pop.
[Information From Gamasutra]
Take-Two Interactive, shareholders, sales, takeover, NASDAQ, Paul Eibeler
