Oppenheimer Funds sold off a big chunk of its stake in Take-Two after the company originally turned down EA’s $26 per share (later turned $25.74 per share) offer. Oppenheimer sold off about half its holdings, bringing its share down to 11.5%. But today, Take-Two announced, via an SEC filing, that Oppenheimer upped their stake – to about 17%.
It makes sense, because video game stocks took a beating (along with the rest of the market) last week, but conventional wisdom is that video games are counter-cyclical – they do better during downturns. And now that Take-Two is trading more than $10 below the EA bid, it’s once again a prime target for takeover — if EA comes sniffing around again.
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