Take-Two to buy back all of Icahn's shares, directors to resign

Reuters

Updated 26 November 2013 at 8:26 am

NEW YORK (Reuters) - Take-Two Interactive Software Inc on Tuesday said it is buying back all of Carl Icahn's shares in the company, and three directors nominated by the activist investor have resigned.

The video game publisher said it will pay the $203.5 million purchase price for the 12.02 million shares it bought from cash and cash equivalents on hand.

The company said Brett Icahn, Jim Nelson and SungHwan Cho left the board. Icahn and Take-Two had agreed several years ago that if the billionaire investor sold his position, his board designees would resign.

(Reporting by Sinead Carew; Editing by Gerald E. McCormick)

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