Carl Icahn Takes Take-Two Stake To 14%

Take-Two shareholder Carl Icahn has further increased his minority ownership in the company, adding 710,840 shares and bringing his pool to 11.6 million shares, or 13.7 percent of Take-Two stock. The move was revealed in a recent SEC filing. Icahn acquired the stock for an average price of $9.94 per share; the company's share price has since risen to $10.24. Icahn has been buying shares in the game publisher since 2006, but his commitment to owning a significant portion of Take-Two seemed uncertain until last December, when he boosted his ownership from under 1 percent to over 11 percent, prompting a flurry of speculation as to his intentions for the company. Some believe Icahn is prepping the company to seek a buyer. In addition to continually accruing more shares over the last several months, Icahn prompted a major shakeup on the Take-Two board of directors, recommending three new board members to replace departing members, including CEO Ben Feder. Take-Two posted a loss in its most recent fiscal quarter, but the company narrowed its losses over the prior year, increased its revenues, and beat Wall St. expectations.