Shareholders take on Take-Two

Developer and publisher Take-Two may soon be up for sale after a group of shareholders have launched a bid to oust CEO Paul Eibeler and other high level executives

The group, which collectively owns 46 per cent of the company's shares, wants to depose Eibeler and review the status of chief financial officer Karl Winters, and had planned to nominate six new directors at the company's AGM - which was due to be held this Friday.

Now, however, Take-Two has announced that the AGM has been postponed until March 29 "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".

Those options, the statement continues, include "a possible sale of the company".

Take-Two has had a difficult year - revenues fell during 2006, with the company recording a USD 184.9 million net loss, and last month former chief executive Ryan Brant pled guilty to allegations that he filed false information.

But the publisher's share price was boosted more than 7 per cent by yesterday's announcement, closing at USD 22.61.