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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.

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.

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The sound of shareholder revolt.

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.

59 Comments

  • Hellswrath99

    Posted Nov 6, 2010 12:33 am GMT

    @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

    Posted Nov 3, 2010 11:55 pm GMT

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

  • Episode_Eve

    Posted Nov 3, 2010 11:48 pm GMT

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

  • Hellswrath99

    Posted Nov 3, 2010 9:32 pm GMT

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

  • SolidTy

    Posted Oct 29, 2010 12:45 pm GMT


    Now this is some crazy news! Sorry, I got here late!

  • m-m-f

    Posted Nov 30, 2007 7:19 pm GMT

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

  • saadomar1109

    Posted Jul 2, 2007 5:15 pm GMT

    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.

  • Oblivion_Awaits

    Posted Apr 1, 2007 4:08 pm GMT

    Ouch...

  • alishareef

    Posted Mar 31, 2007 10:20 am GMT

    why are there so few comments in this news forum ?

  • sailingmanuel

    Posted Mar 31, 2007 7:49 am GMT

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

  • SMASHgaming

    Posted Mar 30, 2007 7:31 pm GMT

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

  • Lightchaos-20693173927190915074555969291770

    Posted Mar 30, 2007 6:55 pm GMT

    wow!

  • comthitnuong

    Posted Mar 30, 2007 3:09 pm GMT

    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

    Posted Mar 30, 2007 9:56 am GMT

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

  • ufopuller

    Posted Mar 30, 2007 9:22 am GMT

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

  • Kravyn81

    Posted Mar 30, 2007 8:24 am GMT

    So how does this affect us as gamers again?

  • vampiredust99

    Posted Mar 30, 2007 7:48 am GMT

    Hope the company can move forward now

  • zsc4

    Posted Mar 30, 2007 6:52 am GMT

    So it may have just been rumours

  • MedevilDragon

    Posted Mar 30, 2007 6:28 am GMT

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

  • mjc0961

    Posted Mar 30, 2007 5:11 am GMT

    I hope that everyone who actually thought this would have been a chance for Sony or Microsoft to buy Take Two feels really stupid now.

  • KillerJamJam

    Posted Mar 30, 2007 4:46 am GMT

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

  • DanC1989

    Posted Mar 30, 2007 2:09 am GMT

    There goes the sell out rumours then.

  • RaiKageRyu

    Posted Mar 30, 2007 12:38 am GMT

    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

    Posted Mar 29, 2007 10:24 pm GMT

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

  • ekisom

    Posted Mar 29, 2007 10:16 pm GMT

    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

    Posted Mar 29, 2007 9:49 pm GMT

    I bet Take-Two shareholders approve new board

  • John_of_Fire

    Posted Mar 29, 2007 9:45 pm GMT

    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

    Posted Mar 29, 2007 7:33 pm GMT

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

  • Rickettsz0780

    Posted Mar 29, 2007 7:13 pm GMT

    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

    Posted Mar 29, 2007 6:46 pm GMT

    Their stocks are still going up, huh?

  • FilthyYamBag

    Posted Mar 29, 2007 6:38 pm GMT

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

  • illisium

    Posted Mar 29, 2007 6:02 pm GMT

    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

    Posted Mar 29, 2007 5:53 pm GMT

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

  • Pete5506

    Posted Mar 29, 2007 5:53 pm GMT

    different

  • blueflamedino

    Posted Mar 29, 2007 5:53 pm GMT

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

  • drangel_jam

    Posted Mar 29, 2007 5:46 pm GMT

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

  • exl40

    Posted Mar 29, 2007 5:40 pm GMT

    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

    Posted Mar 29, 2007 5:36 pm GMT

    :

    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


    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

    Posted Mar 29, 2007 5:36 pm GMT

    "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

    Posted Mar 29, 2007 5:25 pm GMT

    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.

  • bawa_almighty

    Posted Mar 29, 2007 5:04 pm GMT

    damm!!

  • coolasj19

    Posted Mar 29, 2007 4:53 pm GMT

    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

    Posted Mar 29, 2007 4:51 pm GMT

    "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

    Posted Mar 29, 2007 4:34 pm GMT

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

  • Daytona_178

    Posted Mar 29, 2007 4:07 pm GMT

    "REVOLT"!

  • vaejas

    Posted Mar 29, 2007 3:37 pm GMT

    Clean and efficient corporate turnover. Bravo.

  • webdoom

    Posted Mar 29, 2007 3:17 pm GMT

    oh oh oh.. its starting!!

  • yukine

    Posted Mar 29, 2007 3:17 pm GMT

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

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