Take-Two Interactive Buys Back Carl Icahn's Shares for $203.5 Million
Billionaire investor Carl Icahn has sold back 12.02 million shares of Take-Two Interactive Software for $203.5 million.
The video game company announced the repurchase in a news release Tuesday. As part of the deal, the Icahn Group has given up three board seats. The shares were sold at Monday's closing price of $16.93 a share. The maker of Grand Theft Auto now has a board of five members and 81 million outstanding shares.
Take-Two says it is committed to more repurchases.
"This share repurchase reflects our confidence in the company's outlook for record results in fiscal 2014 and continued non-GAAP profitability every year for the foreseeable future," said CEO Strauss Zelnick. "With our ample cash and strong expected cash flow, we are able to pursue a variety of investment opportunities, including repurchasing our company's stock."
A big investor in media companies, Icahn last month divested half of his position in Netflix and has now been removed completely from Take-Two's business after acquiring about 11 percent of the company though purchases made when the company's stock was trading between $8 to $11 a share.
On Twitter, the billionaire is crowing at the state of his portfolio.
"Icahn Study shows value of activism," he tweeted. "28% annualized return for investor during our board membership periods."