Take-Two for sale?

Grand Theft Auto publisher announces it is considering putting itself up for sale in light of shareholder revolt.

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Last week, the gaming industry was shocked by a Take-Two shareholders' group, which owns 46 percent of the company's stock, announcing that it wished to replace current CEO Paul Eibler with former BMG president Strauss Zelnick. It also stated its intentions to replace the current board of directors with candidates of its own choosing and reduce the number of members of the board from nine to six.

The rebellion came, reports Bloomberg, after five quarters of losses. The company has also faced a spate of bad news and scandals over the last two years, including the Hot Coffee mod furore, a stock-options scandal, and criminal charges being levelled at the former CEO and founder.

Take-Two has responded to the event by announcing that it will be postponing its annual meeting, originally scheduled for March 23, until March 29. This is in order for the company 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, including a possible sale of the Company."

Shares in Take-Two jumped up 6.8 percent to $22.26 at the start of trading on the Nasdaq today. The shares have risen a total of 18 percent since the original announcement from the shareholders' group.

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