Billionaire Carl Icahn Sells His Entire Stake in Take-Two Interactive Software Back to the Company

In a newly amended filing, Carl Icahn, and his fund Icahn Capital, reported selling their entire holding in Take-Two Interactive Software, Inc. (NASDAQ:TTWO). According to the purchase agreement disclosed in the filing, Icahn agreed to sell over 12 million shares that constituted his stake, which have been purchased by the company. The shares have been sold for $16.93 apiece, the total value of the deal amounting to $203.5 million.

Carl Icahn - Icahn Capital Lp

At the same time, following the closing of the position, Icahn will no longer have its representation on the board of Directors of Take-Two. In this way, Brett Icahn, James Nelson and SungHwan Cho, the members of the company’s board nominated by Icahn Capital, have resigned from their posts.

“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, […] 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, ” Strauss Zelnick, Chairman and CEO of Take-Two said in a statement.

Icahn’s shares have been bought back outside of Take-Two’s share repurchase program, the statement added. According to the plan, the company plans to repurchase 7.5 million shares, out of which around 4.2 million have been bought back, the average price amounting to $17.38 per share.

The stock today is currently trading by over 4% in red, although its year-to-date return amounts to over 47%.

Disclosure: none

esignations.  The parties hereto agree and acknowledge that from and after the Closing, pursuant to the terms of irrevocable letters of resignation previously delivered by each of Brett Icahn, James Nelson and SungHwan Cho to the Board of Directors of the Company (the “Board”), the resignations of Messrs. Icahn, Nelson and Cho from the Board (and, as a result of such resignation, all committees and sub-committees thereof) shall automatically become effective upon the Closing.