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Investor's Big Stake in Take-Two Reignites Buyout Chatter

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The notorious investor Carl Icahn disclosed late this week he owns more than 11 percent of Take-Two's shares, a stake large enough to restart talk that the publisher faces a buyout.

In an SEC filing, Icahn declared his ownership of more than nine million shares, worth $70.6 million, and included his opinion that Take-Two's shares are "undervalued," which means he wants to talk to the company's leadership about turning that around, and 11 percent is clout enough to have that conversation.


Michael Pachter, the Wedbush analyst frequently quoted by the gaming press, told Gamasutra his firm thinks Icahn "intends to force the company to consider a sale." Pachter also pointed out that Icahn and Take-Two CEO Strauss Zelnick are on the Blockbuster board of directors.

From the filing, it appears Icahn's stake in Take-Two appeared to jump significantly in the past two weeks, when the publisher first announced it would fall short of its own guidance on fiscal earnings.
Activist Investor Icahn Boosts Take-Two Stake [Gamasutra]