Bono, Murdoch could buy 'Grand Theft Auto' maker
Bracing for a shareholder revolt, the maker of the "Grand Theft Auto" video game said Monday it is considering new corporate strategies, including the sale of the company.
Take Two Interactive Software also postponed its shareholder meeting by six days, moving it to March 29. Twelve days ago, investors owning some 46 percent of the company's shares announced plans to stage a take over the board and oust current CEO Paul Eibeler. The move comes after years of scandals and allegations ranging from backdated options to overstated revenue to hidden sexual content in its most popular game: "Grand Theft Auto: San Andreas."
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Shares of Take-Two (Charts) rose nearly 7 percent to $22.30 from its close at $20.85 Friday following the company's announcement. The company said there was no guarantee it would present any alternative suggestions to shareholders.
Game industry insiders at the recent Game Developer Conference who are familiar with Take Two but asked not to be named because of ongoing relationships with the company, said they expect the shareholder action to be successful.
While today's announcement makes the sale of the company a possibility, there's also a chance that the company (or a new board) might sell off underperforming units to concentrate on Take Two's core strengths.
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