By Ben Strauss
Carl Icahn, Take-Two’s majority stakeholder, has sold off a major portion of stock for the game publisher. Icahn currently controls 8.43% of the board, holding on to three seats. His total sell-off is down from 13.47% from last March.
Icahn, a 75-year-old billionaire and serial investor, remains as the majority stakeholder in the company. He initially invested in Take-Two following the infamous “Hot Coffee” scandal back in 2006.
The move comes after stock in the publisher hit a 32-month high given the string of successes with various titles like Grand Theft Auto Chinatown Wars, Red Dead Redemption and the recently released LA Noire. Take-Two took something of a hit in stock price, down 29 cents, or 1.7%, following Icahn’s move.
Analyst Arvind Bhatia of Sterne Agee believes that Icahn’s move will not damage the possible acquisition of Take-Two by an outside firm. Initial reaction to the sell off was fierce, but Bhatia says that this “doesn’t automatically mean the company’s not in play.”