Interplay Stockholders OK Takeover by Titus

Shareholders of Irvine-based Interplay Entertainment Corp. approved a deal to sell a controlling interest in the computer game developer to French software developer Titus Interactive S.A., Interplay said Wednesday.

The deal to sell 6 million shares to Titus for $25 million was approved by more than three-quarters of the voting shareholders at Tuesday’s annual meeting.

Shareholders also approved a new slate of board members that included Titus Chairman and Chief Executive Herve Caen and Eric Caen, Titus’ head of development. They replaced Universal Studios executives Mark Pinkerton and Kenneth Kay, who resigned from Interplay’s board after Titus announced its plans in May to purchase Universal’s chunk of Interplay stock.

Titus, which now holds a 57% stake in Interplay, paid $4 each for the 6 million shares, a significant premium over Interplay’s closing price Wednesday of $2.31, unchanged from Tuesday.