Take-Two (TTWO) shareholders may want the company to take the $2 billion tender offer from Electronic Arts (ERTS), but Take-Two isn’t taking any heat from a proxy services firm. Institutional Shareholder Services has recommended that all 8 Take-Two board members be re-elected at the April 17 shareholders’ meeting.
ISS didn’t mention EA’s bid when recommending re-election, so this isn’t an explicit endorsement of Take-Two’s strategy re: EA. But it’s pretty close. The company also recommended that shareholders approve a plan that boosts the number of TTWO shares that ZelnickMedia, which controls the board, will get if a buyout goes through.
That plan, supposedly hatched in December but only disclosed later this year, after the EA bid was public, raised plenty of eyebrows. And ISS acknowledged that the timing seems “opportunistic, particularly in light of the EA offer.” Meanwhile, we’re still waiting for EA to raise its $26 share offer, or walk away.
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