Icahn Has Take-Two Shares?

May 15, 2009 -

Investor - and famed corporate raider - Carl Icahn (left) is accumulating a stake in Take-Two Interactive, according to financial site Barrons.

Tech Trader blogger Eric Savitz writes that Icahn reported to the SEC that he owns more than two million shares of TTWO, up significantly from the 541,000 he reported at the end of 2008. With his newly-acquired shares, Icahn owns a 2.5% chunk of the Grand Theft Auto publisher. Savitz writes:

The expanded stake is clearly fueling new speculation about the potential for an acquisition of the company, which last fall rejected a $25.74-a-share bid from Electronic Arts (ERTS) as too low. TTWO today is up 60 cents, or 7.3%, to $8.79.

Uh, let me say it again, for effect: the company last year rejected a bid roughly triple yesterday’s closing price as being too low.

UPDATE: Wedbush-Morgan analyst Michael Pachter commented on Icahn and Take-Two:

He obviously reads my research.  I upgraded Take-Two on March 6 at $5.63, and it's been up ever since.  I'd say that two million shares, while a sizeable position, hardly reflects an intention to take the company over.


Comments

Re: Icahn Has Take-Two Shares?

Regardless of anyone's opinion of EA, the fact is, in the gaming industry, EA is the only buyer interested in T2.  They rejected EA's bid, then they market themselves out to be bought by just about anyone else.  It seems to me as though they can't make up their mind as to whether or not they want to be sold.  If they do, they should have let EA buy them, because no one else wants them.  This guy may -- or may not -- be trying to gain control of T2 the same way EA tried after T2 rejected their initial bids to take them over.  My only complaint with this guy is that nothing really says he's into gaming at all.  He just sounds like a corporate goon, who would only look at the profit/loss sheet and say "fire the developers," running T2 into the ground.

I'm not saying EA couldn't or wouldn't do that, but they at least know games.

 

Freedom of speech means the freedom to say ANYTHING, so long as it is the truth. This does not exclude anything that might hurt someone's feelings.

--- With the first link, the chain is forged.

Re: Icahn Has Take-Two Shares?

You know...he kinda looks like Frank Langella in that picture... 

Re: Icahn Has Take-Two Shares?

"He obviously reads my research." -- Michael Pachter

Icahn may well read Mr. Pachter's reports. But, given that Mr. Pachter's long-term accuracy on Take-Two is rated by StarMine as a distant, four-star third to the five-star ratings of both Arvind Bhatia (Sterne, Agee & Leach) and Anthony Gikas (Piper Jaffray), it's not so obvious that he'd be Icahn's most trusted research source.  

Re: Icahn Has Take-Two Shares?

I was worried that no one saw the cheezbugar reference. Lol.

Re: Icahn Has Take-Two Shares?

 "I Cahn has take-two shares?"

 

LOL I see what you did there. Well played, GP.

Re: Icahn Has Take-Two Shares?

I noticed that right away. =D

"I can has cheezburger?" >.<

Re: Icahn Has Take-Two Shares?

Damn.  Ya beat me to it.

"HEY! LISTEN!"

"HEY! LISTEN!"

Re: Icahn Has Take-Two Shares?

Even though it probably doesn't break any laws (about monopolies and such) i really feel this acquisition, would essentially cause the negatives associated with a monopoly, considering how many games the companies together publish.

Re: Icahn Has Take-Two Shares?

This guy better be prepared to get spammed by an ex-wananbe-lawyer.

Re: Icahn Has Take-Two Shares?

Think of the Fax machines, oh won't someone please think of the fax machines!

Re: Icahn Has Take-Two Shares?

I would pass on the T2 shares, thank you very much. Mad money's Jim Kramer still has Strauss Zelnick on his Wall of Shame I noticed the other day, and if you have any investing sense, I wouldn't touch this stock unless I had a 10-foot stick. Zelnick doesn't have a fricken' clue.

Re: Icahn Has Take-Two Shares?

Hmmm...this rhetoric seems strangely familiar...

jb_moskow...A following and almost blind faith in a television identity, without checking said identity's hit-miss ratio...A sniff--no, a stench--of contempt for one Mr. Strauss Zelnick...Letters "J" and "B", both in lowercase, one immediately after another...the last word meaning almost next to nothing with the first part of the username, maybe a reference to some current event....

J...B......J...B............Dare I ask? Do I really need to?....

Hey, Dennis? What's the expiration of those bans? How long do they last? Are they permanent, or temporary?

Of course...my hunch could be completely wrong, but...doesn't hurt to ask, right?

------------------------------------------------------------------------------

Game on, brothers and sisters.

------------------------------------------------------------------------------ "Those who sacrifice liberty for security deserve neither." -- Ben Franklin Game on, brothers and sisters.

Re: Icahn Has Take-Two Shares?

Dude I'm sorry but I just re-read your post, and you're being stupid.

jb are my first two initials, and moskow is the first part of my last name. I'd rather not disclose my real name but of course you can understand that since you're using .

I also do not have "almost blind faith in a television identity". Kramer has been wrong on many occasions but I watch his show, and imo, he is right to put Zelnick on the Wall of Shame, and well I'm not entirely sure, I'm assuming he has verbally recommended against purchasing T2 stock. When I watched the episode I was referring to, he recommended purchasing Yahoo in the main segment. I disagree with him on that investment, I don't think you should buy Yahoo. I was merely backing up my opinion on this stock with an expert opinion. It's called making an intelligent point, you should try it some time.

Re: Icahn Has Take-Two Shares?

Don't even try it Jack-O. You've been caught masquerading before and you've lied about it before, denying your real identity. Even Peter had enough sense to deny Jesus and not to deny his own self.

Just kidding. I knew from the get-go that you weren't Thompson because I couldn't find a single spelling error in your post.

Re: Icahn Has Take-Two Shares?

Cramer is spelled with a "C", and the slang term "fricken'" is supposed to be spelled "frickin'", since all that's missing is the g, and there really aren't many "-eng" describing verbs.

------------------------------------------------------------------------------

Game on, brothers and sisters.

------------------------------------------------------------------------------ "Those who sacrifice liberty for security deserve neither." -- Ben Franklin Game on, brothers and sisters.

Re: Icahn Has Take-Two Shares?

Oh god you're probably right... please god let him be wrong.  I'm not sure how much more JT BS i can deal with. >.<

EDIT: oh and dont forget JT always used proxies to post, bans dont really affect him at all

"Go ahead and hate your neighbor, go ahead and cheat a friend. Do it in the name of Heaven, Jack Thompson'll justify it in the end." - nightwng2000

"Go ahead and hate your neighbor, go ahead and cheat a friend. Do it in the name of Heaven, Jack Thompson'll justify it in the end." - nightwng2000

Re: Icahn Has Take-Two Shares?

Huh? I'm sorry, but I'm not too familiar with the nature of proxies. Aren't they like IPs (or ISPs (I keep mixing them up: stupid acronyms!))? Does he change them with each ban, and if so, isn't that a little difficult?

------------------------------------------------------------------------------

Game on, brothers and sisters.

------------------------------------------------------------------------------ "Those who sacrifice liberty for security deserve neither." -- Ben Franklin Game on, brothers and sisters.

Re: Icahn Has Take-Two Shares?

Basically what it does is lets you access the internet remotely through someone else's computer or group of computers, effectively masking your own IP address and replacing it with theirs, which usually changes regularly and is therefore almost impossible to IP ban.

http://en.wikipedia.org/wiki/Proxy_server if you want to know more

"Go ahead and hate your neighbor, go ahead and cheat a friend. Do it in the name of Heaven, Jack Thompson'll justify it in the end." - nightwng2000

"Go ahead and hate your neighbor, go ahead and cheat a friend. Do it in the name of Heaven, Jack Thompson'll justify it in the end." - nightwng2000

Re: Icahn Has Take-Two Shares?

Wow. Thanks very much! Looking at your explanation, it seems that what HE is doing (if he is/can do it) is not only a little clever for someone like HIM, but...it seems a little...mm, how do I put it?...illegal? morally wrong?...

(BTW, I do think it is HIM, just need a confirmation from the mods/Dennis.)

------------------------------------------------------------------------------

Game on, brothers and sisters.

------------------------------------------------------------------------------ "Those who sacrifice liberty for security deserve neither." -- Ben Franklin Game on, brothers and sisters.

Re: Icahn Has Take-Two Shares?

LOL I assure you I am not JT. Ha, I never thought someone would actually accuse me of being him. I don't post very much on GP, but I have been trolling for quite some time now. I hope Dennis doesn't ban me now

Although I admit, I do find it kind of sad that the instance someone is critical of Strauss Zelnick or T2 that person is automatically considered to be he we shall not name.

Like if you want to argue this from a videogame perspective, I can admit that the EA purchase of T2 would be bad from a gamer's perspective with the monopolizing of the sports game franchise, although I don't think I'll lose any sleep over what happens to Grand Theft Auto and perhaps EA would finally apply enough pressure to get Duke Nukem Forever out the door.

But from an investor's perspective, it was completely idiotic to turn down the EA buyout offer, with Strauss thinking that his stock was undervalued, when ever since then it has only been getting worse and worse.

In my original post I stated my opinion of recommending against purchasing T2 stock, in disagreement with the Wedbush-Morgan analyst Michael Pachter and I concur with Jim Kramer placing Zelnick on the Wall of Shame. That's it. So by disagreeing with me, you are either being a complete troll, or are trying to imply that one should purchase T2 stock. If it's the later, then I seriously hope no one listens to you imo.

Re: Icahn Has Take-Two Shares?

Oh, thank God!...I mean, my sincerest apologies. It looks as if my assumptions were incorrect.

Due to the familiar nature and structure of your first post, I mistook you for HIM: it seems I should've followed my second instinct, having felt that I had seen your name posted around GP for some time now. Again, my deepest apologies; I shall try to make better judgement calls in the future. Now for the rest of your post...

Yes, from a gaming perspective, EA buying out T2 would've been bad: the devouring of a beloved developer by a megacorporation, thereby losing the rights to various game series (Bioshock, Civilization, GTA, Mafia, Manhunt, Max Payne, Serious Sam: Wiki page) (I don't really care for GTA either: playing a "bad guy" rubs me the wrong way. Still, I definitely wouldn't want EA to mess with it), along with losing the other sports games licenses, thereby creating a monopoly, to a company that milks its other IPs down to the nub (with mixed results: Wiki page) would, indeed, seem like absolutely horrible. But I think you're mistaken about one thing: EA doesn't own the rights to Duke Nukem Forever; 3D Realms owns the developing rights, while T2 owns the publishing rights. T2 provided the money for the devs; they can't actually "push it out the door". Wiki page. Also, Zelnick is a Chairman of the Board; Ben Feder is the actual CEO and President of Take Two Interactive.

From an investor's perspective, you may be wrong on several accounts, depending on which view you're taking. If you are taking the T2 investor's perspective, having not sold the stock to make a quick buck would seem bad; however, due to the article stating that TTWO stock ending at $8.79, a 7.3% increase (up 60 cents), this may be evidence that the stock could begin rising again. For the long-term investor, this seems like great news. From what you said, it seems the stock is getting better, not worse. Marketwatch.

For the EA investor, it probably would've been a good move: the acquisition of T2 to expand the size of EA's outreach is pretty attractive. However, EA's stock prices have been low, as well: from its 52-week high of $52.95 to its now price of $20.96, ERTS has done pretty poorly. It's still above the $20 mark, but its lost more than half of its worth in the past few months. However, even its stock prices are doing better, signalling an economic upturn. Marketwatch.

Which brings me to the general point: for the stock investor, everything has been shit for the past few months: we've been in a recession! Stock prices mostly everywhere have fallen, with only a few showing signs of recovery, and even fewer have been completely unaffected by the turn of events. However, if signs of a recovery have been spotted, now would be a great time for bull investors to start buying up cheap stocks, thereby spurring investments and leading to an even greater upturn. It's only common sense to buy a cheap stock now and sell it later: that's a basic rule of investing: Buy Low, Sell High.

As for your opinion on not buying TTWO stock, I'm sorry, but I'd completely go against it and take Pachter's advice. Like I said before, buy low, sell high. If the stock was attractive months ago, it looks even better now. Of course, the Dow still looks like shit, so caution would be advised.

As for trusting Cramer, are you kidding me?! That clown? He has been wrong on so many accounts, I wouldn't trust him to mow my lawn, much less give me investment advice. As for putting Zelnick on his Wall of Shame, the Wall is only a gimmick, much like what the rest of hisshow goes upon, like the many buttons that make stupid sound effects or his rambunctious, out-of control behavior that an analyst like him should not display (which he may do only to get better ratings). I'm actually glad John Stewart, the host of a variety show, reemed Cramer and his network CNBC numerous times.

For proof of Cramer's bullshit antics, and the numerous failures in calls and accuracy by him and CNBC, I have provided links to numerous videos:

http://www.thedailyshow.com/video/index.jhtml?videoId=220252&title=CNBC-Gives-Financial-Advice

http://lateshow.cbs.com/latenight/lateshow/video_player/index/php/979827.phtml

http://www.thedailyshow.com/video/index.jhtml?videoId=220288&title=in-cramer-we-trust

http://www.thedailyshow.com/video/index.jhtml?videoId=220510&title=basic-cable-personality-clash

http://www.thedailyshow.com/video/index.jhtml?videoId=221516&title=jim-cramer-unedited-interview

http://www.thedailyshow.com/video/index.jhtml?videoId=221517&title=jim-cramer-unedited-interview

http://www.thedailyshow.com/video/index.jhtml?videoId=221518&title=jim-cramer-unedited-interview

http://www.youtube.com/watch?v=dwUXx4DR0wo

Anyways, I am kinda saying that Take Two stocks are buyable: if I wanted to be a troll, I'd either post a lolcat or say something like...what you said.

Well, thanks for listening. Sorry for the wall of text.

------------------------------------------------------------------------------

Game on, brothers and sisters.

------------------------------------------------------------------------------ "Those who sacrifice liberty for security deserve neither." -- Ben Franklin Game on, brothers and sisters.

Re: Icahn Has Take-Two Shares?

And Kramer is always right, after all.

Re: Icahn Has Take-Two Shares?

If by somehow you're implying that he's wrong on this particular stock you can go ahead and purchase some then I guess. Otherwise I'm not sure what your point is.

Re: Icahn Has Take-Two Shares?

Uh, let me say it again, for effect: the company last year rejected a bid roughly triple yesterday’s closing price as being too low.

It wasn't really them saying that the offered price was too low (taking the statement as literal) it was Take Two telling EA that there is no price they are willing to sell their souls for.

E. Zachary Knight
Oklahoma City Chapter of the ECA
http://www.theeca.com/chapters_oklahoma

Re: Icahn Has Take-Two Shares?

Take Two have souls to sell?

EA may be the Borg of the industry but T2 could be likely stand-ins for the Ferengi, what with corporate fraud in their not too distant history.  I've got a fairly similar amount of respect for both, what little that is.

 

Re: Icahn Has Take-Two Shares?

In addition to the corporate fraud in the past, haven't some of T2's recent PC titles (Bioshock and GTA4 in particular) included the dreaded SecuROM? The same SecuROM that many people were (and still are) ripping on EA for?

Apparently, it's only wrong if EA does it...

--- I do more than just play games. I draw, too: http://www.silvermelee.deviantart.com

--- I do more than just play games. I draw, too: http://www.silvermelee.deviantart.com

Re: Icahn Has Take-Two Shares?

EA may be the Borg of the industry but T2 could be likely stand-ins for the Ferengi...

In memory of Piccolo, who (somewhat recently) fell to Nappa's LAZER in DBZ: Abridged, allow me to say...

NERD!!!

My apologies. As for my opinion on this matter, I think that Icahn may just be lining his pockets, buying deflated stocks so he can sell them again when (and yes, "when", not "if"!) prices of stocks on the U.S. Stock Market begin to rise.

------------------------------------------------------------------------------

Game on, brothers and sisters.

------------------------------------------------------------------------------ "Those who sacrifice liberty for security deserve neither." -- Ben Franklin Game on, brothers and sisters.

Re: Icahn Has Take-Two Shares?

So do you think the Barron's guy was ripping on T2 for not taking EA's 2008 offer or ripping on Icahn for thinking he could acquire T2 in the low-ball range in which the stock now trades?

 

Re: Icahn Has Take-Two Shares?

I think the Barrons guy is just amazxed that Icahn could have gain that large of a percentage compared to EA's futile efforts.

Personally, I think this guy could increase his shares right now just buying out people who want to ditch their shares and slowly gain a controlling share of the company.

E. Zachary Knight
Oklahoma City Chapter of the ECA
http://www.theeca.com/chapters_oklahoma

Re: Icahn Has Take-Two Shares?

Additionally it should be noted that the price being offered was before the market crash, where both stocks were worth 3x what they are worth now. Since septembers crash, both stocks are down about 60%. Hell, not even EA is trading at what they were offering to buy TTWO for.

Re: Icahn Has Take-Two Shares?

uhh.. that's if you compare pps, but that's irrelevant.  They offered to buy TTWO initially at 2 billion, and ERTS market cap is 6.7+ billion right now.  So no, EA is not trading at what they offered to buy TTWO for.  FYI, EA's balance sheet still reads cash/short term investments @ ~3 billion.  

Sorry, not actually saying anything, just read what you said and it bothered me a bit.....

Re: Icahn Has Take-Two Shares?

Exactly right.  If EA had in fact bought Take-Two for the huge premium they were offering, this market crash probably would have hurt them severely, if not terminally.  EA's reported massive losses in the last year and if those happened after spending 2 billion dollars, I wonder what shape they'd be in.

Parallax Abstraction
Ottawa, Ontario, Canada
blog.digital-lifeline.ca

Parallax Abstraction
Ottawa, Ontario, Canada
 
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