Activist Icahn cuts stake in Take-Two Interactive

Reuters News
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Posted: May 27, 2011 10:24 AM
Activist Icahn cuts stake in Take-Two Interactive

NEW YORK (Reuters) - Activist investor Carl Icahn has cut his stake in video game publisher Take-Two Interactive Software Inc, a regulatory filing showed on Friday.

Icahn reported an 8.43 percent share stake in Take Two Interactive as of May 26. This is down from the 13.7 percent stake he reported on March 19, 2010.

The 75-year-old billionaire investor is known for shaking up corporations and taking control of companies. His lower stake could signal that Take-Two Interactive is no longer a company ripe for a takeover, as some analysts have said in the past.

In 2008, Take-Two Interactive rejected buyout offers from Electronic Arts Inc.

The video game publisher has been showing renewed financial health in recent quarters. In February, it posted its first profitable year in nearly a decade without a new release of its blockbuster video game franchise "Grand Theft Auto."

A Take-Two Interactive spokesman was not immediately available for comment.

Shares of Take-Two Interactive fell 45 cents, or 2.7 percent, to $16.31 on Friday.

(Reporting by Liana B. Baker, editing by Gerald E. McCormick)