Activist Investor Icahn Ups Stake In Take-Two

According to an SEC filing reported by CNN, investor Carl Icahn and his Icahn Capital Management limited partnership have bought additional new stakes in Take-Two Interactive. The activist investor first purchased a small (1.1 percent) stake in the publisher/developer last year as part of a move that was generally interpreted as an interest in taking the reins of Take-Two's future. However, early in 2007 Icahn sold 0.9 of his 2.8 million shares, cutting his investment to 1.9 million shares in the same month that Take-Two former CEO Ryan Brant pled guilty to falsifying information in the company's stock backdating legal battle. Icahn's divestment was considered an expression of growing disinterest with Take-Two during a difficult period in the company's history. The investor, who also bought shares of Harrah's Entertainment and Genzyme Corp and sold shares of Kraft Foods and Clear Channel, became known as a corporate raider following his hostile takeover of TWA in the mid-80s, and is noted for buying up minority shares in companies and then campaigning for changes that might affect the company's share price positively.