Carl Icahn Buys More Take Two Interactive (TTWO) ~ market folly

Sunday, February 7, 2010

Carl Icahn Buys More Take Two Interactive (TTWO)

In an SEC Form 4 filed on shares of Take Two Interactive (TTWO), we see that rabblerouser Carl Icahn has boosted his stake. On February 2nd, Icahn through his various investment vehicles added 78,681 shares at a price of $9.21 per share. Then, on February 4th, Icahn added 280,000 more shares at a price of $9.24. After all his purchases, Icahn now owns 10,572,233 shares of Take Two Interactive. This activity comes after Icahn exercised calls on TTWO a few weeks ago and ramped up his initial stake.

Additionally, in late January Icahn's three board nominees were added to Take Two's slate of nominees for the 2010 annual shareholder meeting. Although portfolio disclosures are about to be updated, we see that some other prominent hedge funds hold large stakes in TTWO in addition to Icahn. Mario Gabelli's GAMCO Asset Management owns 2,516,000 shares and Larry Robbins' Glenview Capital Management owns 3,370,723 shares. Last week we presented Robbins' thoughts on global equities from a hedge fund panel.

Carl Icahn runs hedge fund Icahn Partners and focuses on activist investing where he seeks to implement change at various companies. We've covered his movements on the site in the past and back in October he laid out the idea to short real estate. In the past, we've also detailed some of his portfolio activity and his additional insight from his guest lecture at Yale.

Taken from Google Finance, Take Two Interactive is "a global publisher, developer and distributor of interactive entertainment software, hardware and accessories. The Company operates in two segments: publishing and distribution."

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