Oppenheimer Hits Reset On Take-Two, Invests Again (TTWO)

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.

See Also:
Take-Two Takes Itself Off The Table
Can Video Games Save Investors? Not Today
Will EA Go After GTA IV Creators?
Fidelity Dumps Most Of Its EA Stake – Does It Think Take-Two Deal Won’t Happen?

NOW WATCH: Tech Insider videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.