NEW YORK (Reuters) - Take-Two Interactive Software Inc. said today that was evaluating new strategies, including a potential sale, as an investor group seeks control of the publisher best known for its ``Grand Theft Auto'' video games.
Shares of Take-Two surged 7 percent to $22.35 in early trading on the Nasdaq following the announcement.
Take-Two said it was reviewing potential alternatives that it could raise with the investor group, which owns 46 percent of the company's shares, but could not guarantee any specific proposal would be presented.
The video game publisher said it delayed its annual meeting to March 29, from March 23, to review efforts by the investors to take control of the board and oust Chief Executive Paul Eibeler.
Take-Two, with a market value of about $1.5 billion, has been battered by several years of accounting woes, operational problems and a scandal over hidden sexual content in one of its hit games.
The shareholder group including OppenheimerFunds Inc., S.A.C. Capital Management, Tudor Investment Corp., D.E. Shaw Valence Portfolios and ZelnickMedia Corp are calling for a management overhaul.
Analysts have cheered efforts to revamp Take-Two's leadership as the beginning of what they expect would be a complete restructuring that could take several years.
In February, former Take-Two CEO Ryan Brant pleaded guilty to criminal charges over backdating stock options and settled a civil action brought by the U.S. Securities and Exchange Commission.
Take-Two said it would issue a revised notice later on Monday setting a time and place for the annual shareholders meeting, which was previously scheduled for March 23.
The company said its record date for shareholders to attend the meeting remains February 26 and set a record date of March 29 for shareholders entitled to act by written consent in accord with the investor group's proposal.
I don't like most of the companies on the short list that could afford to buy a billion dollar game company...
Why am I homeless? Why do all you motherfuckers need homes is the real question. They called it The Prayer, its answer was law Mommy come back 'cause the water's all gone
I can't belive rockstargames.com is blocked by the corp proxy. It's like there's some sort of anti-Rockstar propagandists out there.
Why am I homeless? Why do all you motherfuckers need homes is the real question. They called it The Prayer, its answer was law Mommy come back 'cause the water's all gone
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