Game On For SAC

Jun 26 2008 | 11:57am ET

Video games aren’t just for kids anymore. Stamford, Conn.-based SAC Capital Advisors yesterday disclosed a 5.3% stake in Take-Two Interactive Software, publisher of the hit Grand Theft Auto series.

The firm said it paid approximately $107 million for four million shares of the Take-Two’s common stock “for investment purposes… and not with the purpose or effect of changing or influencing the control or management of the Issuer.”

Take Two this month rejected rival Electronic Arts’ latest tender offer to acquire all of its outstanding shares because it “still significantly undervalues Take-Two, a fact that is reflected in the overwhelming number of stockholders who still have not tendered their shares," said Strauss Zelnick, chairman of the Board of Take-Two.

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