Take-Two rebounds on buyout rumors
<i>New York Post</i> reports the Grand Theft Auto maker is in active talks with several interested parties; stock gains 10 percent on the day.
It would be tough to argue that last week was anything but a bad week for Take-Two, but this week is off to a much better start.
Take-Two's stock price jumped 10 percent today, up $1.50 to $16.19. Shares were trading hands at almost four times the average daily volume, spurred by reports in Saturday's edition of The New York Post that the company could be the subject of a buyout in the near future.
An unnamed source "close to the company" told The Post that Take-Two was in "active talks" with several buyers. It's uncertain how close to the company the source really is, as he or she apparently goofed on the name of one of Take-Two's biggest titles of 2005.
"For a fund, it is a bet that the cash flows from sales of Grand Theft Auto: San Andreas and Liberty City Tales, and new management could get around the growing liabilities," the paper quoted the source as saying.
The stock had cooled somewhat in after-hours trading, down almost 2 percent to $15.87.
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