Take 2 Interactive, the company behind Grand Theft Auto 3 and Manhunt, may get put up for sale.
The news comes from the announcement that the company will postpone its annual meeting from March 23rd to March 29th. The reason cited for the postponement is the recent outcry from shareholders threatening to replace the board.
According to Take 2, "The purposes of the Board's actions are 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, including a possible sale of the Company."
The recent shareholder backlash follows an unsettled period for the publisher. It has suffered five consecutive fiscal quarters of losses, for one. It has also been involved in scandal linked to its founder and former CEO, Ryan A. Brant, involving backdated stock options. Then, of course, there's the usual dose of controversy surrounding Take 2's games with the recently announced Manhunt 2 attracting its to-be-expected quota of bad press.
SPOnG reckons, however, that what's really scared Take 2 into action is Jack Thompson calling the wrath of God upon them.
SPOnG contacted Take 2 to see if it cared to elaborate on what other actions might be pursued come March 29th. Unsurprisingly no comment was available.
The news comes from the announcement that the company will postpone its annual meeting from March 23rd to March 29th. The reason cited for the postponement is the recent outcry from shareholders threatening to replace the board.
According to Take 2, "The purposes of the Board's actions are 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, including a possible sale of the Company."
The recent shareholder backlash follows an unsettled period for the publisher. It has suffered five consecutive fiscal quarters of losses, for one. It has also been involved in scandal linked to its founder and former CEO, Ryan A. Brant, involving backdated stock options. Then, of course, there's the usual dose of controversy surrounding Take 2's games with the recently announced Manhunt 2 attracting its to-be-expected quota of bad press.
SPOnG reckons, however, that what's really scared Take 2 into action is Jack Thompson calling the wrath of God upon them.
SPOnG contacted Take 2 to see if it cared to elaborate on what other actions might be pursued come March 29th. Unsurprisingly no comment was available.
Read More Like This
