Shares in the makers of the video game “Grand Theft Auto”, Take-Two, shot up nearly 8%, from $1.34, to $18.95 yesterday. The increase came immediately after investors including Steven Cohen’s SAC Capital Advisors LLC and David Shaw’s D.E. Shaw & Co., both hedge fund managers, announced the plan to remove the embattled video-game designer’s CEO in a regulatory filing.<\/p>\n
A group of high-profile hedge funds that collectively control about 46% of Take-Two Interactive Software has launched a proxy battle to “review the employment status” of CEO Paul Eibeler and CFO Karl Winters.<\/p>\n
In addition to the management changes, the hedge fund group also is seeking to appoint a total of six board members. They plan to present their nominees at Take-Two’s March 23 board meeting. The slate includes media honcho Strauss Zelnick, Benjamin Feder, Jon Moses, Michael Dornemann and Michael James Sheresky.<\/p>\n
“Management has sort of lost the faith of the investor community,” said Todd Mitchell, a Kaufman Brothers LP analyst in New York, in an interview. “A shake up would be a positive thing,” said Mitchell. The investor group began forming in early February after veteran activist Carl Icahn floated the idea of agitating for change. At one point in 2006, he had 2.8 million shares.<\/p>\n
Take-Two also remains the subject of a criminal investigation by the New York district attorney\u00c3\u00a2\u00e2\u201a\u00ac\u00e2\u201e\u00a2s office regarding stock options backdating and possibly broader issues. The S.E.C. also has started an informal investigation into the video game company.<\/p>\n
Alex Akesson HedgeCo.Net is a premier hedge fund database and community for qualified and accredited investors only. Membership on www.hedgeco.net<\/a> is FREE and EASY. We also offer FREE LISTINGS for Hedge Funds! <\/p>\n Be sure to check out our sister sites. www.hedgefundlounge.com<\/a>, www.hedgefundtools.com,<\/a><\/strong> and www.hedgefundemployment.com.<\/strong><\/a> <\/p>\n<\/p><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":" Shares in the makers of the video game “Grand Theft Auto”, Take-Two, shot up nearly 8%, from $1.34, to $18.95 yesterday. The increase came immediately after investors including Steven Cohen’s SAC Capital Advisors LLC and David Shaw’s D.E. Shaw & […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-5774","post","type-post","status-publish","format-standard","hentry","category-hedgeco-news"],"_links":{"self":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/5774","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/comments?post=5774"}],"version-history":[{"count":0,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/5774\/revisions"}],"wp:attachment":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/media?parent=5774"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/categories?post=5774"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/tags?post=5774"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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