Billionaire scoops up Take-Two stock
Publisher's stock spikes on word that Carl Icahn gained partial ownership of company.
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Take-Two stock has been rising since an SEC filing revealed that billionaire investor Carl Icahn, who has been called both a corporate raider and a shareholder activist, has picked up a chunk of the company.
Yesterday, a filing by Icahn's money-management firm Icahn Management LP revealed that the group has acquired a little more than 800,000 shares of Take-Two stock, pegging its value at a little less than $8.66 million, or $10.82 per share. That puts Icahn in control of just over 1.1 percent of the company's stock. The news of Icahn's involvement in the company boosted the stock to end today's trading at $11.56, making his stock now worth roughly $9.25 million.
Icahn is number 24 on Forbes Magazine's list of the 400 richest Americans, with an estimated net worth of about $8.5 billion. In the past, Icahn has used his ownership of companies to force management into making changes or buying him out at a profit. Take-Two management has been the subject of much criticism in the wake of a number of scandals involving the rerating of its Grand Theft Auto: San Andreas and an investor lawsuit alleging multiple infractions, including backdating of stock options and "gross mismanagement."