Oppenheimer Funds, D.E. Shaw Valance in 'constructive' talks with Take Two Interactive

By Lisa Kerner

Charlotte, N.C., March 16 - A group of Take-Two Interactive Software Inc. investors led by Oppenheimer Funds, Inc. and D.E. Shaw Valence Portfolios, LLC, along with ZelnickMedia, said recent discussions among the parties have been "useful and constructive," according to a schedule 13D filing with the Securities and Exchange Commission.

The discussions followed the investors' March 7 announcement to vote together for their own slate of six directors for election to the company's board. In addition, the group would vote in favor of reducing the New York-based entertainment software company's board to six members from nine members, if its slate be elected.

Director candidates put forth by the group are expected to be Michael Dornemann, Benjamin Feder, John F. Levy, Jon J. Moses, Michael James Sheresky and Strauss Zelnick.

Oppenheimer Funds beneficially owns 17,879,118 shares, or 24.5%, and D.E. Shaw Valence Portfolios beneficially owns 6,573,466, or 9.0%, of Take-Two Interactive Software's outstanding stock.

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