Contrary to the what certain people have implied (well, actually, said outright), one not-quite-octogenarian does keep his word. At least, he kept this one, and earned a handsome little return doing so.
Take-Two Interactive Software Inc., maker of the “Grand Theft Auto” games, bought back a $203.5 million stake from Carl Icahn, ending his involvement with the company after an 81 percent gain in the shares.
Take-Two is buying 12 million shares at yesterday’s closing price of $16.93 each, according to a statement. Under an almost four-year-old pact between Take-Two and Icahn Group, the investment firm had agreed that its directors would leave the board if Icahn sold the stake. That led the board members -- Brett Icahn, Jim Nelson, and SungHwan Cho -- to step down today.
Icahn Sells Take-Two Stake After Stock Gains [Bloomberg]