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.
