Take-Two Interactive AGM Nothing is Clear

Directors get pay rise.

Posted by Staff
Take-Two Interactive AGM Nothing is Clear
Last nights re-scheduled Take-Two Interactive AGM saw the company's shareholders not only re-elect the board of directors but granted some 1.5million shares of restricted stock to Zelnick Media. That is the company owned by T2 chairman, Strauss Zelnick.

So, what does this mean? Well, voting at the annual general meeting was restricted to those stockholders who were registered as of February 19th, 2008 - five days prior to Electronic Arts $26 (13) per share offer was made public.

Since then, according to an Associated Press report, "analysts estimate that more than half of Take-Two's shares have changed hands since".

AP also reports that "EA spokesman Jeff Brown said since it's possible that more than 50 percent of Take-Two's current shareholders were not allowed to vote, the results are 'hardly a measure of confidence.'"

Strauss Zelnick, chairman of the board of Take-Two, obviously thinks differently, "Today's vote demonstrates stockholders' confidence in management and the Board of Directors of Take-Two.

"The Board and management remain committed to acting in the best interests of stockholders. We are confident in the significant growth potential of Take-Two and in the unique value of our business given our strong position in this dynamic industry."

We await EA's next move - as its offer to buy Take-Two expires at midnight (Californian) time tonight.

A listen-only archive of the webcast of the Annual Meeting of Stockholders is available via the internet by visiting http://ir.take2games.com.
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