Take-Two Interactive Software Inc., a publisher and distributor of interactive entertainment software, hardware, and accessories, said in a filing with the Securities and Exchange Commission that billionaire investor Carl Icahn took an 11.28% stake in the company.
As per the company's filing, Icahn and associated companies beneficially own 9.16 million Take-Two shares, including shares underlying call options. As of September 1, 2009, Take-Two had 81.17 million shares outstanding.
The video-game publisher also said in the filing that Icahn acquired the company's shares in the belief that the shares were undervalued. The investor may seek to have conversations with the company and may make additional investments in the company.
New York-based Take-Two Thursday reported a wider net loss for the fourth quarter, hurt mainly by non-cash goodwill and intangible impairment charges, as well as non-cash tax expense, notwithstanding an increase in net revenues. The company's net loss for the quarter was $21.99 million or $0.28 per share, compared to a loss of $14.95 million or $0.20 per share in the year-ago quarter. Net revenue increased to $343.4 million from $323.4 million last year.
TTWO closed Thursday's trading at $8.25, up $0.15, on a volume of 5.94 million shares.
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