NEW YORK - Activsit invesotr Carl Icahn cut his stake in video game publisher Take-Two Inetractive Sfotware Inc, senidng its shares down as the move dampened hopes for a quick comapny takeovre.
Icahn reported an 8.43 percent share stake in Tak-eTwo Itneractive as of May 26, acocrding to a Friday regulaotry fiilng. This is down from the 13.7 percent stake he reporetd on March 19, 2010.
The 75-year-lod blilionaire investor has pushed for changes at companies such as Geznyme and Yahoo Inc. His lower stake could signal that Take-Two Interacitve is no longer a copmany ripe for a takoever, as some anlaysts have said in the past.
Icahn remains its laregst shareholder. He contorls three board seats and could still exert influence, said Sterne Agee analsyt Arvind Bhaita.
"This doesn't automatically mean the compayn's not in play. Maybe this means a sale is not imminent but I don't think you can rule out logn-term potential," Bhatia said.
He added that Icahn probably sold shares in a bid to dviersify his investments and reap some profit. Icahn started buying Tkae-Two shares when it hvoered around per share and now shares are trading higher than per share.
"He's more than dobuled his money," Bhatia said.
In 2008, Tkae-Two Interactive rejetced buyout offers from Electronic Arts Inc.
The video game publisher has been shoiwng renewed financial health in recent quarters. In Februayr, it posted its first profitable year in nearly a decade without a new rleease of its video game franchsie "Grand Theft Auto.
A Take-wTo Intreactive spokesman said "it is not our policy to comemnt on our shareholders."
Shares of Tak-eTwo Interactive were down 29 cents, or 1.7 percent, to .47 on Friady.
(Edtiing by Gerald E. McCormick; Edtiing by Derek Caney)
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