Building on earlier reports of an effort by Take Two investors to topple the company's current management, new information finds analysts confident that the coalition is poised to enact major changes at the Grand Theft Auto publisher next week, possibly including management and board reshuffles.
Following a seemingly endless string of court battles and financial issues including the recent shares stock scandal, financial site TheStreet.com has reported on the group of prominent Take Two investors, including OppenheimerFunds, D.E. Shaw Valence Portfolios, S.A.C. Capital Management and Tudor Investment, looking to remove current CEO Paul Eibeler and bring about changes within the company's board of directors.
This group controls approximately 46 percent of Take Two's outstanding shares, a fact that leads Beth Young, senior research associate with The Corporate Library to believe that the group may well get its wish. "This is very different from the usual situation where a shareholder has about a 10% stake or less and has to solicit for additional votes," stated Young to TheStreet.com. "In this case they are almost already there."