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

Wednesday, March 24, 2010

Carl Icahn Buys More Take Two Interactive (TTWO)

Our favorite rabblerouser and 'corporate raider' Carl Icahn keeps adding to his position in his latest target. According to an SEC Form 4 filing, Icahn acquired 50,840 shares at a price of $10.01 on March 18th. A day later, he acquired an additional 660,000 shares at $9.93. This brings his total to 11,583,873 shares, a 13.7% ownership stake in the company.

In his amended 13D filing, Icahn notes that the aggregate purchase price of their position was $97,593,700. As we've detailed in the past, Icahn has been adding to this stake repeatedly. In December, Icahn owned a little over 11% of the company. By January, he owned slightly over 12%. And now, in March, he owns almost a 14% stake. Other recent notable activity out of Icahn includes trying to acquire Lions Gate Entertainment (LGF). However, the company just rejected his latest offer. Additionally, Icahn exercised warrants on Tropicana Entertainment and looks as if he's going to try to push for the sale of another company he owns a large stake in, Biogen Idec (BIIB).

For more on Icahn's investments, check out his investor letter as well as the rest of his portfolio.

Taken from Google Finance, Take Two Interactive is "a global publisher, developer and distributor of interactive entertainment software, hardware and accessories. The Company’s publishing business consists of Rockstar Games, 2K Games, 2K Sports and 2K Play publishing labels. The Company develops, markets and publishes software titles for gaming and entertainment hardware platforms."

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