Grand Theft Auto Publisher Looks to Sell

Mar 19, 04:25 PM

Current Headlines: Take-Two Interactive Software Inc., the New York maker of the Grand Theft Auto video game series, said Monday it might sell the company.

Take-Two also postponed its annual shareholders meeting until March 29 from Friday.

The company faces a proxy fight by an investor group that owns 46 percent of its stock and wants control of the company's board of directors.

The group -- including OppenheimerFunds Inc. and hedge funds SAC Capital Advisors, D.E. Shaw & Co. and Tudor Investment Corp. -- plans to nominate six people to Take-Two's board and oust Chief Executive Paul Eibeler, the group said in a Securities and Exchange Commission filing earlier this month.

The company said it postponed the meeting to have time to review the group's proposals and to evaluate alternatives, including a sale.

Founder and former Chief Executive Officer Ryan Brant pleaded guilty last month to back-dating stock options. He agreed to pay a $7.3 million penalty and cooperate with prosecutors investigating the company.

The SEC also charged Take-Two with accounting fraud and the Federal Trade Commission charged it with deceptive advertising.