Major Take-Two shareholders slash stakes

By Patrick Garratt, Tuesday, 11 March 2008 06:40 GMT

According to this, Oppenheimer Funds, Take-Two’s biggest shareholder, and FMR LLC, the second largest company stock-owner, have reduced their holdings in the publisher from 23 to 11.5 percent and from 14.7 to 2.74 percent respectively.

The news may undermine Take-Two management’s assertion that EA’s $2 billion bid for the company is insufficient.

“To the extent there was speculation that shareholders would band together and hold out for more money from EA, that’s kind of shot down now,” said Wedbush Morgan analyst Michael Pachter. “They are voting on this deal and they are voting with their feet. They know they have no leverage.”

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