Take-Two Gets 11% Icahn Investment

Activist investor Carl Icahn has taken a stake of 11.3% in Take-Two Interactive, the publisher of the video game 'Grand Theft Auto.'
Author:
Publish date:

NEW YORK (

TheStreet

) -- Activist investor Carl Icahn has taken a stake of 11.3% in

Take-Two Interactive

(TTWO) - Get Report

, the publisher of the video game "Grand Theft Auto."

Icahn, in a regulatory filing with the

Securities and Exchange Commission

, said shares of Take-Two were undervalued. The filing said he might seek to hold talks with Take-Two management.

The stock closed Thursday at $8.25, up 15 cents, but rose after the news of Icahn's investment by 25 cents, or 3%, to $8.50 in after-hours trading. It has risen about 9% year-to-date in 2009.

Take-Two posted a fourth-quarter loss Thursday of $22 million, or 28 cents a share, compared with a year-earlier loss of $15 million, or 20 cents a share. Excluding items in the latest fourth quarter, including impairment charges of $14.8 million, earnings were $7 million, or 9 cents a share, up from 2 cents a share a year earlier.

Revenue increased 6.2% to $343.4 million.

The numbers were in-line with the company's preannouncement earlier this month.

Take-Two reiterated previous guidance for the first quarter ending Jan. 31, 2010, and the fiscal year ending in October.

>>See our new stock quote page.

-- Reported by Joseph Woelfel in New York.

Follow TheStreet.com on

Twitter

and become a fan on

Facebook.