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November 28, 2013

GTA game maker to buy back Icahn shares

Icahn would get $203m in return to sale of all shares.

By CBR Staff Writer

Take-Two Interactive Software, the publisher behind the Grand Theft Auto V game, is purchasing back all the shares held by investor Carl Icahn in the gaming firm for about $203m.

The deal, which will give him a fat return from his initial investment, also involves resignation of three directors nominated by him, including his son Brett.

Icahn acquired around nine million shares in Take-Two for about $8 a piece in late December 2009.

By the end of the third quarter in 2013, the billionaire became the videogame maker’s largest shareholder, as his 12 million shares offered him a 12% stake in the firm.

Take-Two’s latest crime game GTA 5 raked in $1bn in sales within three days of its launch for Sony PlayStation 3 and Microsoft Xbox 360.

The controversial game also scored seven entries in record books, which make it the fastest selling video game of all time.

Reports revealed that Take-Two is currently working on 10 games.

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