Wall Street is expecting that a group of dissident shareholders will lead a successful takeover of Take-Two Interactive Software Inc. at the embattled video game maker's annual meeting on Thursday.
Take-Two's management has been under pressure to devise a strategy that would boost Take-Two's sagging share price. The stock has fallen more than 20% over the past two years, compared with a 2% increase for its peer group over the same time period. Take-Two's shares have traded in a range of $9.06 to $24.80 over the past 12 months.
A group of shareholders holding a 46% stake said earlier this month that they planned to vote in a new board and oust Take-Two's chief executive Paul Eibeler. The investors, which include Oppenheimer Funds, DE Shaw and SAC Capital, may also look to get rid of the company's chief financial officer and other executives. The meeting was originally scheduled for last week but postponed at the eleventh hour.