Wednesday, April 11, 2007
The new activism at mutual funds is illustrated by the Oppenheimer Fund's teaming up with several hedge funds to replace the board of directors and top management at the video game manufacturer, Take-Two Interactive Software. This is the first time that the Oppenheimer Fund has actively campaigned to change management. See WSJ, Oppenheimer Revolt Shows Mutual Funds' New Mood. The New York Times profiles the new CEO, Strauss Zelnick today; see Take-Two’s Mr. Fix-It Inherits a Handful.