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Take-Two Braces for Investor Coup

An investor revolt at Take-Two may be closer to happening today as the company announced failed attempts at compromise. CNN’s Chris Morris reported last week on the potential sale of Take-Two. More likely to now happen is a shareholder coup that would result in a takeover of the board and sacking of the current CEO. In a press release today, Take-Two seemed prepared for the looming showdown.

“Take-Two…previously announced that the Company had postponed its annual meeting from March 23, 2007 until March 29, 2007 to provide additional time to review the proposed actions of a shareholder group and also to evaluate alternative courses of actions that could potentially be presented to the shareholders, including a possible sale of the Company. The Board of Directors now believes that it is unlikely to present alternative courses of action prior to the annual meeting on March 29th,” Take-Two said.

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