Activist investor Carl Icahn has significantly reduced his stake in Take-Two Interactive, though he still remains a major company stakeholder, with control of three seats on the board.
Icahn now owns an 8.43 percent stake in the company, according to a regulatory filing reported by Reuters
, down from a high of 13.7 percent reported last March.
Take-Two stock recently reached a 32-month high
amidst the retail success of L.A. Noire
. The company's recent contract renewal with key Rockstar team members
has led some analysts
to suggest the company may make a good acquisition target
Icahn's partial divestment has damaged those hopes among some investors, but Sterne Agee analyst Arvind Bhatia told Reuters he thinks the move "doesn't automatically mean the company's not in play."
75-year-old billionaire Icahn first invested in Take-Two in 2006
, buying stock representing just over 1 percent of the company when shares were depressed after Grand Theft Auto
's the "Hot Coffee" scandal.
Take-Two stock was down 25 cents (1.49%) in early afternoon trading following the move.