Take-Two Buying Back Icahn's Stock
The release of Grand Theft Auto V has shaken things up a bit for Take-Two Interactive.
According to a GameSpot report, the publisher is currently in the process of buying back $203.5 million worth of stock from billionaire Carl Icahn, which will end his involvement with the company.
Take-Two intends to buy all of Icahn Group's stock, which numbers just over 12 million shares. They will purchase the stock at yesterday's closing price of $16.93. The two parties had a previous agreement that should the Icahn Group sell its position to the publisher, its board members would resign, which means that Brett Icahn Jim Nelson and SungHwan Cho have left the board.
Said Take-Two CEO Strauss Zelnick:
"On behalf of our board and management team, I would like to thank Brett, James, and Sung for their support, dedication, and service to our organization. They leave Take-Two better positioned than ever for continued success."
Ichan purchased 11 percent of Take-Two shares back in December of 2009. As for how stockholders are responding to the buyback, shares in the company are down 4.5 percent so far.
11/26/2013 10:23:49 AM Ben Dutka