Take-Two shareholders approve new board

[UPDATE] Board of six is approved to take over control of company at shareholders' meeting; one more director added to board by new members.

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While gamers were eagerly anticipating the first trailer for Rockstar Games' Grand Theft Auto IV at 3 p.m. PDT today, execs at Rockstar's parent company, Take-Two Interactive, were dreading 1 p.m. PDT. The company held its annual stockholder meeting today, and dissident stockholders officially began their quest to take over the company and oust current CEO Paul Eibler.

Anyone who owns at least one share of Take-Two stock was admitted into the meeting, which was held at the Hotel Gansevoort in New York City.

As expected, the dissidents, which include various investment firms with a stake in the company, nominated Benjamin Feder, John J. Moses, Michael Dornemann, Michael J. Sheresky, John F. Levy, and Strauss Zelnick to be considered for the new board of directors. Each nominee would hold office until the company's next financial meeting, according to the representative from Oppenheimer Funds who nominated them.

Shareholders then cast their ballots, the results of which will be announced "as soon as practical."

[UPDATE] Take-Two announced the results of the shareholders' vote, and all six newly nominated board of director candidates were approved. Taking on the role of chairman will be Zelnick, former CEO of BMG Entertainment and Crystal Dynamics. Feder has been named Take-Two's acting CEO.

Grover C. Brown, who was an independent director, was also elected to the board of directors in a meeting following the shareholders meeting, bringing the total number of members of the new board of directors to seven.

Those expecting some sort of flare up at the meeting likely left disappointed. The event went without a hitch and lasted less than 20 minutes. No shareholders chose to participate in the question-and-answer session.

Take-Two's management has suffered a number of high-profile setbacks in recent years. The most notorious misstep was the inclusion of hidden sexually themed minigames in its best-selling game Grand Theft Auto: San Andreas. The company then got into more hot water when it was found that employees had received improperly backdated stock options.

Take-Two stock was up $0.24 to $21.10 on the day, a change of just over 1 percent.

Discussion

60 comments
Hellswrath99
Hellswrath99

@Rockman999 Do you seriously not know what it means to necro something on the internet in forums or comments or the like? I don't mind explaining, just not if you're going to be petty and try and thumbs down me and act like I'm being a jerk. So, in that case, do some leg work and look it up. Very common internet term. As for my comment on what SolidTy had to say, since when did people NOT get to respond to what others have to say in places like this? I actually don't have much of a problem with what he wrote, just felt the need to comment on the necro. I also think it's interesting news. I DO have issue with you playing holier than thou when I respond to someone's post with a comment of my own that's perfectly reasonable and hardly much of an attack. Get over yourself and go find someone that really deserves pointing out. Also not difficult to find on the internet. Back on topic: @Episode_Eve I don't know, man. But I think a lot of game companies these days post early quarter release dates to try and placate their backers and always seem to push them back when they post the actual date. Sometimes I'd like to see them move a date up because they gave themselves more cushion than they needed, but that just isn't the way the world works, sadly. lol

Rockman999
Rockman999

@Hellswrath99 What the hell does it matter to you where SolidTy posts? And what is "comment necro"? :lol:

Episode_Eve
Episode_Eve

That's pretty cool I guess. But I wanna know why Take-Two always delays games? Is that because of this new board?

Hellswrath99
Hellswrath99

@SolidTy You didn't just get here late. You managed to attempt a nearly three year comment necro.

m-m-f
m-m-f

I wont cry !!! i got the PS3 and Xbox360 ...

saadomar1109
saadomar1109

You know what I think? I think the company is eventually going to be bought out by Microsoft. And GTA will be XBOX 360 only. HAHAHAHAHA! Well by the looks of it, Microsoft loves buying best-selling companies out, so why wouldnt it happen to Rockstar? They probably have the money to do so. Who knows..... Playstation owners: Dont cry, this is just a guess.

DOOM_SONYMAN
DOOM_SONYMAN

[This message was deleted at the request of a moderator or administrator]

alishareef
alishareef

why are there so few comments in this news forum ?

sailingmanuel
sailingmanuel

Now lets hope they cut some fat out of the company.

SMASHgaming
SMASHgaming

Well, if Nintendo wants to end their "kiddy" image they could buy them and then we could have a Miis GTA LOL

comthitnuong
comthitnuong

I hope things improve for this company. It would be sad if they sold themselves and only one console got their game or something like that.

wenbin09
wenbin09

with a new and hopefully better management, pls do not screw up gta iv and cause any delays!

ufopuller
ufopuller

Up $0.24 to $21.10 on the day. Not bad, since most others are taking a dive now

Kravyn81
Kravyn81

So how does this affect us as gamers again? :|

zsc4
zsc4

So it may have just been rumours :P

MedevilDragon
MedevilDragon

Hope this dosen't effect their NBA & NHL 2K sport series.

KillerJamJam
KillerJamJam

You were lucky this time Take Two ... Microsoft never loses ... WE"LL GET YOU NEXT TIME BWAHAHAHAHA

DanC1989
DanC1989

There goes the sell out rumours then. :P

RaiKageRyu
RaiKageRyu

Yes, try not to make more scandals. Jack Thompson might pop a blood vessel next time. .....On the hand, that might not be such a bad idea after all.

azizrulez
azizrulez

i hope all this turns out for the better for the company and doesnt end up interfering with the creative departments

ekisom
ekisom

this may be the last best grand theft auto game... and hopefully san andreas wont be the best gta game ever... that'll be depressingly sad

gatsbythepig
gatsbythepig

I bet Take-Two shareholders approve new board

John_of_Fire
John_of_Fire

As long as they don't mess with Rockstar and then have Rockstar rebel or have its' people quit they, hopefully, will be in good shape.

ufopuller
ufopuller

It only take ONE person to make a decision. More people just make it more frustrating to make the same decision.

Rickettsz0780
Rickettsz0780

oh course their stocks are going to keep going up wait for grand theft auto to come out they are going to shoot up the roof

RaiKageRyu
RaiKageRyu

Their stocks are still going up, huh?

FilthyYamBag
FilthyYamBag

wont do any harm to gta series, just means that now tak two will now probably be more efficient

illisium
illisium

Hopefully once Take Two finishes up with JT, this should put an end to the brunt of the ugly business they've been dealing with over the past couple years.

Somini
Somini

Sell, sell, sell... Buy, buy, buy... That's what makes the world go around.

blueflamedino
blueflamedino

arguin over bad grammar eh? oh well I have seen worse

drangel_jam
drangel_jam

Don't hurt the games & it will be ok.

exl40
exl40

Reading is fundamental. The stock rose "$0.24 to $21.10 on the day." "to" is the key word. You will notice it is not "from". The former denotes a destination while the latter denotes an origin. :)

eric2003ph
eric2003ph

[quote] TYPO??? Take-Two stock was up $0.24 to $21.10 on the day, a change of just over 1 percent. ' it has to be maybe take-two stock was up from $0.24 to $21.10 in one day a change of just over %1,000 percent[/quote] No, not a typo. You're just an idiot. It didn't said "up FROM $0.24 to $21.10" BUT "up $0.24 to $21.10". That means the stock increased by $0.24 which is around 1% of $21.10. Got it?

stoner02
stoner02

"coolasj19 KaptainKernal TYPO??? Take-Two stock was up $0.24 to $21.10 on the day, a change of just over 1 percent. ' it has to be maybe take-two stock was up from $0.24 to $21.10 in one day a change of just over %1,000 percent" It's phrased quite confusingly but the share closed 24cents higher than it started in the trading day, which is the approx 1% their talking about. It started the day at $20.86 and closed $21.10 - a $0.24 difference. Man that's why stock brokers make so much money - they know how to waffle crap and get people confused so they come out on top!!!!!!!

Donkeljohn
Donkeljohn

Awesome That is a big coup for the proxy fight. I suppose Zelnick has a strong enough track record, but Crystal Dynamics is very different from take Two.

coolasj19
coolasj19

KaptainKernal TYPO??? Take-Two stock was up $0.24 to $21.10 on the day, a change of just over 1 percent. ' it has to be maybe take-two stock was up from $0.24 to $21.10 in one day a change of just over %1,000 percent

gmangw
gmangw

"The event went without instance " Shouldn't that be "without incident"? @KaptainKernal: It increased by $.24, which is 1.15% of the previous price of $20.86

KaptainKernal
KaptainKernal

TYPO??? Take-Two stock was up $0.24 to $21.10 on the day, a change of just over 1 percent.

vaejas
vaejas

Clean and efficient corporate turnover. Bravo.

mrklorox
mrklorox

[This message was deleted at the request of the original poster]

yukine
yukine

Eh, good ridden. The executives running Take-Two all seemed rather corrupt.

webdoom
webdoom

oh oh oh.. its starting!!

mrklorox
mrklorox

EVERYBODY is trying to watch the trailer. You'll just have to find it later tonight once all the main gaming websites have uploaded the video. I just hope a version of the trailer is coming to XBLM... my PC sucks at running HD video and I will not settle for a standard-def trailer.

webdoom
webdoom

...its 11pm here, and i am getting figity, show me the trailer!