Take-Two is no stranger to controversy. The company has been in the media spotlight for everything from the infamous "Hot Coffee" content in Grand Theft Auto: San Andreas" to the recent guilty plea of former Take-Two CEO Ryan Brant over the backdating of stock options. Last week, it seemed that things were reaching critical mass as reports started to surface that a group of Take-Two shareholders are banding together to take control of the company's Board of Directors, and force the removal of current Take-Two CEO Paul Eibeler. Now, it would seem that Take-Two is circling its wagons.

According to a statement released by Take-Two earlier today, the company has decided to postpone its annual shareholder meeting, originally scheduled to take place this Friday. A new meeting has been scheduled for next Thursday. The delay, according to the company, will give Take-Two 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". One specific example of the alternative courses being looked at includes the possible sale of Take-Two, though the company is quick to point out that there "is no assurance that any specific alternative proposal will be forthcoming".

News of the possible sale of Take-Two has already given a boost to the company's stocks. Early pre-opening trades had already given the stock a boost of more than 5% in value between the market's close on Friday and its opening today.

                    

Posted 03/19/07  By: the_soul

I wonder what the end result of all of this will be? I hope it somehow leads to less juvenile crap like "Hot Coffee".