Take-Two Majority Stakeholder to Sell Off Portion of Stock

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 WarsRed 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.”