Oppenheimer Funds, FMR Significantly Reduce Stake In Take-Two Interactive

(RTTNews) - In a filing with the Securities and Exchange Commission on Monday, Oppenheimer Funds Inc. revealed that it has reduced its stake in New York-based Take-Two Interactive Software Inc. (TTWO | news | PowerRating | PR Charts ) to 11.54%. Oppenheimer Funds said it currently holds 8.79 million shares in the company.

Recently on February 6, in its Form SC 13G/A filing, Oppenheimer revealed that it holds 17.25 million shares of Take-Two Interactive, representing 23.21% stake.

Another major shareholder FMR LLC also revealed in a regulatory filing that it has reduced its interest in Take-Two Interactive to 2.75% or 2.04 million shares. In a filing on February 14, 2008, FMR said it holds 14.699% stake or 10.93 million shares of Take-Two Interactive.

It is to be noted that, in February, Electronic Arts Inc. (ERTS | news | PowerRating | PR Charts ), offered to acquire Take-Two Interactive Software for $26 per share in cash. Take-Two rejected the offer and said it is not engaged in substantive discussions with anyone, including Electronics Arts.

Also, Take-Two Interactive was named in a shareholder lawsuit filed in the Delaware court for breach of fiduciary duty.

TTWO closed the day's regular trading session at $24.85, losing 72 cents, or 2.82%.

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