Take-Two AGM: Shareholders approve ZelnickMedia incentive package, EA calls foul

Take-Two shareholders passed a proposal at last night's company AGM to grant ZelnickMedia, Take-Two's manager, 1.5 million shares of restricted stock.

EA communications boss Jeff Brown immediately waded in on the news, saying the approval was like "asking your last employer to give you a million dollar raise and forcing your new employer to pay it."

Take-Two only allowed shareholders before February 19 to vote on the matter, a date five days prior to EA putting its original bid public. Apparently, more than half Take-Two stock has changed hands since, effectively cutting 50 percent of Take-Two's shareholders out of the vote.

Zelnick called the criticism "disingenuous" and noted that the company extended the opportunity for shareholders to put proposals on the ballot, which they did not do. EA, he added, knows how record dates are selected for shareholder meetings and there was nothing unusual about Take-Two's February 19 cut-off.

More here.