Hedge Fund Takes 5 Percent Stake In Take-Two

A U.S. Securities & Exchange Commission (SEC) filing for hedge fund SAC Capital has revealed that the firm has acquired a 5.3 percent stake in the common stock of Grand Theft Auto publisher and Rockstar Games owner Take-Two Interactive. The 4.1 million shares were acquired at a cost of $107.6 million, for what are described as “investment purposes”. According to a report by the Associated Press via Forbes.com, lead financier Steven A. Cohen has indicated that the purchase was not made in order to influence control of the company but that he may discuss “the company's business, strategy and future plans” with the Take-Two board or other parties. Take-Two is still facing a hostile takeover attempt from Electronic Arts, which recently extended its deadline for the offer for a fifth time. Take-Two executives have repeatedly described the offer as too low, but Electronic Arts has so far failed to increase it. With Take-Two indicating that it is talking to other firms about possible takeover or mergers, including rumored interest from Ubisoft, it is unclear what affect the new investment from SAC Capital might have.