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Icahn increases stake in video game maker Take Two

Icahn increases stake in video game maker Take-Two

By Reuters | Updated: 9 November 2012 13:07 IST

Activist investor Carl Icahn raised his stake in video game publisher Take-Two Interactive Software Inc to 10.6 percent from 9.5 percent, according to a regulatory filing on Thursday.

This is the second time in a week that Icahn has scooped up stock in Take-Two.

Shares of the company rose 2.8 percent to $11.17 in morning trade on Thursday.

"It seems like his buying is a vote of confidence in the pipeline of the company," said Sterne Agee analyst Arvind Bhatia. The next edition of its popular "Grand Theft Auto" video game is due out next year.

Take-Two has long been considered a potential acquisition target Electronic Arts Inc made moves to buy it in 2008.

Meanwhile, Icahn recently took a 10 percent stake in Netflix Inc because he believes the streaming video and DVD rental company is undervalued and an attractive acquisition target.

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