Take-Two Interactive Software, the maker of the “Grand Theft Auto” vidgames, may be gunning for a sale.
Company announced Monday that it has delayed its shareholder meeting and may sell itself after dissident investors announced plans to seize control of the company.
Shares jumped 8.4% after Take-Two said it is considering alternatives to present at the company’s annual meeting. The gathering, scheduled for March 23 in New York, will now be held March 29, Take-Two said in a statement.
Shareholders with 46% of the company, including Steven Cohen’s SAC Capital Advisors, said on March 7 they plan to install their own directors and management. Take-Two has had five quarters of losses while failing to find hits to match the “Grand Theft Auto” series. Former CEO Ryan Brant pleaded guilty last month to charges stemming from a probe into improper options grants.
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Among those mentioned as possible buyers for Take Two are competitors Electronic Arts, Ubisoft and Activision, as well as venture capital group Elevation group, in which U2 singer Bono is a partner, and News Corp.