Blog Post

Icahn Gets Three Seats On Take-Two’s Board

A month after purchasing a 11.3 percent stake in Take-Two Interactive (NSDQ: TTWO), activist investor Carl Icahn is using his leverage to change the composition of the struggling video game company’s board of directors. Take-Two Interactive has agreed to nominate three of Icahn’s representatives (including his son) to the company’s board; they will replace three existing directors, including CEO Ben Feder, who is staying on as CEO.

The changes at Take-Two — best known for the Grand Theft Auto series — have come fast since Icahn bought up his stake, saying that the company’s shares were undervalued. In late December, Take-Two sold its physical games distribution business, Jack of All Games, for $43.25 million.

Some analysts have speculated that Icahn would like to see the company sell itself. Take-Two rebuffed an offer from EA last year — and has since seen its financial performance waver.

One Response to “Icahn Gets Three Seats On Take-Two’s Board”