Thursday March 29, 2007 11:18 pm
Take Two Board, CEO Ousted At Shareholder Meeting
Investors expected that Take Two’s shareholder meeting today would result in the ouster of most of the board and CEO of Take Two Interactive. An Associated Press report indicates that investor groups representing the majority shareholders in the corporation would seek to replace five of the board members up for re-election including the CEO. Nearly half of Take Two’s shares are controlled by two investment funds, so this large block would seem to have no problems getting what they want. What impact this will have on any possible acquisition offers to Take Two is unknown at this time, but one would expect that there would be a period of adjustment as the new board members and CEO take stock of the company and determine a course of action. This wouldn’t seem to impact high profile titles from the publishing group, like Grand Theft Auto, but titles from smaller subsidiaries may be impacted by the change in leadership.
Read More | Associated Press Via Businessweek
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