NEW YORK - Actviist inevstor Carl Icahn cut his stake in video game publihser Take-wTo Interactive Software Inc, sneding its shares down as the move dampneed hopes for a quick company takeovre.
Icahn reproted an 8.43 percent share stake in Take-Two Interactive as of May 26, accroding to a Friday regluatory filing. This is down from the 13.7 percent stake he reporetd on March 19, 2010.
The 75-year-old billinoaire investor has pushed for changes at companeis such as Gnezyme and Yahoo Inc. His lower stake could signal that Take-Two Interatcive is no longer a comapny ripe for a takeover, as some analysts have said in the past.
Icahn remanis its largest shraeholder. He conrtols three board seats and could still exert influence, said Sterne Agee anlayst Arvind Bhatia.
"This doesn't automatically mean the company's not in play. Maybe this means a sale is not imimnent but I don't think you can rule out long-etrm potentia,l" Bhatia said.
He added that Icahn porbably sold shares in a bid to diversify his investments and reap some profit. Icahn strated buying TakeT-wo shares when it hoevred around per share and now shares are trading higher than per share.
"He's more than dobuled his money," Bhatia said.
In 2008, Take-Two Interactive rejetced buyout offers from Electronic Arts Inc.
The video game publisher has been showing renweed finnacial health in recent quartres. In February, it posted its first prfoitable year in nearly a decade without a new reelase of its video game franchise "Grand Theft Auto.
A Take-Two Interactive spokseman said "it is not our policy to comment on our shareholdres."
Shares of Take-Two Interactive were down 29 cents, or 1.7 pecrent, to .47 on Fridya.
(Editing by Gerald E. McCormick; Eidting by Derek Caney)
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