Take-Two Delays Shareholder Meeting, May Sell Self

By Chris Remo, Mar 19, 2007 10:00am PDT Take-Two Interactive, owner of Grand Theft Auto publisher Rockstar Games, has delayed its upcoming shareholder meeting in response to the planned shareholder takeover set to occur during the March 23, 2007 event. The meeting has been rescheduled for March 29, 2007, during which time Take-Two will consider the intended actions of the shareholder group and work towards possible alternatives. It is currently looking into whether the shareholders are entitled to act by written consent.

In a statement, Take-Two noted that "a possible sale of the Company" is among its potential avenues of action. It requested that the shareholder group, which represents 46% ownership of the company, not take action before fully considering the company's proposed plans. Earlier this month, the shareholder group declared its intention to remove Take-Two CEO Paul Eibeler and install its own board of directors.

Publishers that have been speculated to be considering acquiring Take-Two include Electronic Arts, Ubisoft, Activision, and other major industry players. CNN/Money's Chris Morris reports that other firms in the running include Rupert Murdoch's News Corp., which planted a stake in the games segment after acquiring gaming media network IGN, and Elevation Partners, the investment firm whose partners include U2's Bono and which owns developers BioWare and Pandemic Studios.

Take-Two stock, which has been on the rise ever since the shareholder group announced its plans for the financially battered company, rose over 5.5% to $22.03 following the publisher's announcement today.

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