Take-Two Interactive Software is buying back 12.02-million of its shares from the Icahn Group’s stock for US$203.5 million, to be funded from Take-Two’s cash and cash equivalents.<\/p>\n
On the back of the successful GTA V launch, which famously generated $1-billion revenue within 3 days, Take-Two shares hit a 5-year high of $19.25.<\/p>\n
Several years ago the Icahn Group and Take-Two agreed that if the Icahn Group sold its position, the Icahn Group’s designees would resign from the Board.<\/p>\n
Brett Icahn, Jim Nelson, and SungHwan Cho have now resigned from the Board, which will now comprise five members.<\/p>\n
Following completion of the purchase, Take-Two’s basic shares outstanding will be approximately 81 million.<\/p>\n
“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 Strauss Zelnick, Chairman and CEO of Take-Two. “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.<\/p>\n
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