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Glass Lewis recommends Take-Two shareholders withhold votes

Mon Mar 31, 2008 2:32pm EDT

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SAN FRANCISCO, March 31 (Reuters) - Proxy advisory firm Glass Lewis & Co has recommended to shareholders of U.S. video game publisher Take-Two Interactive Software Inc (TTWO.O) to withhold their votes from all eight board nominees at an upcoming annual meeting.

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The board of Take-Two, which is battling a hostile $2 billion buyout offer from rival Electronic Arts Inc (ERTS.O), is up for re-election at the April 17 meeting.

The Glass Lewis note to shareholders is undated, but appears to have been written on or after March 26.

Glass Lewis also recommended that Take-Two shareholders vote against a proposed amendment to a stock plan that would grant ZelnickMedia, the investment firm that controls the board, 1.5 million restricted shares and may increase compensation in case of a change of control.

(Reporting by Anupreeta Das, editing by Leslie Gevirtz)

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