Take-Two Interactive considers selling company

We all know that the Grand Theft Auto series has somewhat been the saving grace for Take-Two Interactive. Despite that, the company is still beset by a lot of problems and issues. Never mind the problems involving Jack Thompson, the issues we’re talking about now are the ones coming from within the very walls of the company itself.

A couple of days ago, we reported that there are plans to take over the major video game and publisher. The former Chief Executive Officer (CEO) Ryan Brant was removed from office because he was found guilty of backdating stock options. Current CEO Paul Eibeler and other top honchos are still not secure in their posts.

It is in this light that Take-Two Interactive cancelled its scheduled annual meeting on March 23 and moved it to March 29. The reason the company gave is “to 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.”

The official notice explained that the best alternative course of action as of now is a possible sale of the company. To make things more complicated, the notice mentioned as well that “there is no assurance that any specific alternative proposal will be forthcoming.”

It seems that this announcement was taken very well by market players in pre-market trading. Immediately after the notice was circulated, the company’s NASDAQ-traded shares went up almost to US$ 22.26 from US$ 1.50. Those who are involved in the planned take-over include companies Oppenheimer Funds, D.E. Shaw Valence Portfolios, S.A.C. Capital Management, and Tudor Investment.

We all know that the Grand Theft Auto series has somewhat been the saving grace for Take-Two Interactive. Despite that, the company is still beset by a lot of problems and issues. Never mind the problems involving Jack Thompson, the issues we’re talking about now are the ones coming from within the very walls of the company itself.

A couple of days ago, we reported that there are plans to take over the major video game and publisher. The former Chief Executive Officer (CEO) Ryan Brant was removed from office because he was found guilty of backdating stock options. Current CEO Paul Eibeler and other top honchos are still not secure in their posts.

It is in this light that Take-Two Interactive cancelled its scheduled annual meeting on March 23 and moved it to March 29. The reason the company gave is “to 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.”

The official notice explained that the best alternative course of action as of now is a possible sale of the company. To make things more complicated, the notice mentioned as well that “there is no assurance that any specific alternative proposal will be forthcoming.”

It seems that this announcement was taken very well by market players in pre-market trading. Immediately after the notice was circulated, the company’s NASDAQ-traded shares went up almost to US$ 22.26 from US$ 1.50. Those who are involved in the planned take-over include companies Oppenheimer Funds, D.E. Shaw Valence Portfolios, S.A.C. Capital Management, and Tudor Investment.