StreetInsider.com 13D Tracker

Big Billy Gates Loves Trash (RSG)

2009-02-05T15:19:00.010-05:00

Recent filings showed Microsoft founder Bill Gates, through his Cascade Investment fund, has been aggressively building his stake in waste management company Republic Services Inc. (NYSE: RSG).

A recent Form 4 filing showed Gates bought another 500,000 shares on 2/2 which brings his stake to 44,894,569 shares. Gates has bought over 10 million shares of Republic Services since September 30, 2008.

One service you can't cutback on is waste removal.

Billy may finally have a winner here.

Track Bill Gates news here - or - Cascade Investment news here.

Amylin (AMLN) Shareholders Want Change - NOW!

2009-02-02T22:07:00.004-05:00

Amylin Pharmaceuticals (Nasdaq: AMLN) has investors all fired-up and not in a good way. Just a few days after 8.3% shareholder Carl Icahn announced that he is nominating a slate of 5 Directors, 12.5% holder Eastbourne Capital is introducing their own, separate slate of 5 Directors.

To make matters worse for Amylin management, Eastbourne acknowledged Icahn's slate, but said it does not believe that these separate efforts to bring change to Amylin are in competition with each other. In other words, vote for ours or vote for theirs, either way we want change - NOW!

Our own Lon Juricic commented on the Icahn news for Barrons.com tonight. Lon said that Ichan's involvement with Amylin looks poised to be a repeat of his success at ImClone, which was sold to Eli Lilly (NYSE: LLY) for $70 per share, after a bidding war with Bristol-Myers Squibb (NYSE: BMY). Lon told Barron's, "Icahn kept building his position and eventually became chairman of the board, where he could push his agenda and positioned ImClone for a graceful sale... I could see this as the same situation playing out"

Ultimately, the shareholder activism at Amylin should be good news for investors.

Welcoming David Einhorn To The "Gold Bug" Club

2009-01-30T09:41:00.004-05:00

Our own Lon Juricic is personally welcoming Greenlight Capital's David Einhorn to the "Gold Bug" Club. Recently we learned that Mr. Einhorn started taking the advice of his Grandpa Ben and bought gold for the first time. Lon has been long gold, though the ETF SPDR Gold Shares SPDR Gold Shares (NYSE: GLD), since the fall of 2008, when gold was in the mid-$700 range. Gold has since run to about $900.

Einhorn is buying gold and call options on gold and Market Vectors Gold Miners ETF (NYSE: GDX), which is an exchange-traded fund which seeks to replicate the price and yield performance of the NYSE Arca Gold Miners Index. Top holdings of the index include Barrick Gold (NYSE: ABX), Goldcorp (NYSE: GG, Newmont Mining (NYSE: NEM), Kinross Gold (NYSE: KGC), and Yamana Gold (NYSE: AUY).

While Lon is a solid gold bull, he still has some reservations about the precious metal. You can read about those concerns and more on Einhorn here.

Icahn Boosts Stake In Amylin (AMLN), Look For a Future Sale

2009-01-29T15:22:00.007-05:00

It's been a while since we posted here. Due to the credit crisis we've been super busy at the main StreetInsider.com site. In addition, there haven't been too many 13Ds worth mentioning. We are going to start posting frequently again.

Today, there was an interesting filing from one of our favorites Carl Icahn on Amylin Pharmaceuticals (Nasdaq: AMLN). He's been a holder there for a long time, but now he is seeking to get a slate of 5 on the Board of Directors. We have a great article over at StreetInsider.com for premium members, discussing how "Like ImClone, Ichan Will Get Amylin Sold."

Bill Gates' Cascade Investment Gets Active With Strategic Hotels & Resorts (BEE) Investment

2008-10-07T14:40:00.001-05:00

In a 13D filing on Strategic Hotels & Resorts, Inc. (NYSE: BEE), Bill Gates' Cascade Investment disclosed a 5.63% stake (4,190,000 shares) in the company and changed their filing status from 13G (passive) to 13D (active). The firm changed their status due to recent market declines and will may now engance in discussions with the board of directors and management concerning the business and strategic direction.

Gates' Cascade Investment showed a 5.23% stake (3,890,000 shares) in the August 13G filing.

From the Filing:"As a result of recent declines in the market value of the Issuer’s Common Stock, the Reporting Persons expect to consider and evaluate on an ongoing basis all of their alternatives with respect to their investment in, and intentions with respect to, the Issuer. The Reporting Persons may engage in discussions with the Issuer’s board of directors and management concerning the business and strategic direction of the Issuer. The Reporting Persons also may engage in discussions with other shareholders of the Issuer to discuss matters of mutual interest, which may include discussions regarding the strategic direction of the Issuer and opportunities to enhance shareholder value."

Rosenstein's JANA Partners Shows New Stakes in Century Aluminum (CENX) and Thinkorswim (SWIM), Boosts AK Steel (AKS) Stake

2008-08-19T15:14:00.004-05:00

Barry Rosenstein's JANA Partners released its 13F for the quarter ended June 30, 2008 the other day. Below are some notable moves:

- New 1,204,656 share stake in Century Aluminum (Nasdaq: CENX)

- New 1,012,800 shares stake in Genentech (NYSE: DNA)

- New 8,714,300 share stake in Talisman Energy (NYSE: TLM)

- New 2,344,493 share stake in Thinkorswim Group (Nasdaq: SWIM)

- Raised stake in AK Steel (NYSE: AKS) from 806,261 shares to 4,132,661 shares

- Raised stake in Commercial Metals (NYSE: CMC) from 2,890,314 shares to 4,511,248 shares

- Sold their entire 2,086,000 share stake in Wyeth (NYSE: WYE)

JANA Partners LLC is New York based hedge fund with about $8 billion in assets. The fund launched in April 2001 and is managed by founder Barry Rosenstein. The company primarily invests in the United States public equity markets and uses activist strategies, a market neutral strategy, a long/short equity strategy, and a risk arbitrage strategy while making investments.

Read the Full 13-F Summary Here

Elliott Associates Accumulates 9.9% Stake in Epicor Software (EPIC), Discloses Talks

2008-08-19T15:11:00.002-05:00

In a 13D filing on Epicor Software (Nasdaq: EPIC), Elliott Associates disclosed a 9.9% stake (5,978,483 shares) in the company. Elliott disclosed that they have made inquiries of the company as to whether they have considered exploring strategic alternatives. They also reserve the right to hold further talks with management, the Board of Directors or others.

Epicor Software Corporation designs, develops, markets, and supports enterprise application software solutions and services.

Elliott Associates is a $9.8 billion New York-based hedge fund founded by Paul Singer. The fund has beaten the S&P 500 for 30 years. According to Bloomberg, sinces its launch in 1977, the fund has returned 14.7% a year after fees.

Breeden Capital Boosts Stake in Hill-Rom Holdings (HRC) to 5.25% - 13D

2008-08-18T16:02:00.002-05:00

In a 13D filing on Hill-Rom Holdings (NYSE: HRC), Richard Breeden's Breeden Capital disclosed a 5.25% stake (3,278,409 shares) in the company. Which is up from the 2,478,618 share stake held at the quarter ended 6/30/08. A 13D indicates a possible activist investment.

In a pretty standard disclosure, Breeden didn't make any direct requests on the company, but said they will monitor the investment and may be in contact with members of management or the board or others about the investment.

Hill-Rom Holdings, Inc. provides medical technologies and related services for the health care industry.

Breeden Capital is a Greenwich, CT-based hedge fund founded by Richard Breeden, a former SEC chief turned activist investor. Richard Breeden was elected as Chairman of H&R Block (NYSE: HRB) after successfully pushing for changes at the embattled tax preparer.

Peltz's Trian Fund Shows Stakes in Hansen (HANS), P F Changs (PFCB); Says Goodbye to Starbucks (SBUX)

2008-08-18T15:52:00.005-05:00

Nelson Peltz's Trian Partners General Partner released its 13F for the quarter ended June 30, 2008. Below are some notable moves:

- Showed a new 1,292,166 share stake in Hansen (Nasdaq: HANS).

- Showed a new 1,060,875 share stake in P F Changs Chinese Bistro (Nasdaq: PFCB)

- Showed a new 350,903 share stake in Philip Morris Intl (NYSE: PM)

- Lowered his stake in Starbucks (Nasdaq: SBUX) from 842,070 to 0

Peltz also lifted his stake in Kraft Foods (NYSE: KFT) to 31 milion shares and maintained his large 10 million share position in Tiffany & Co (NYSE: TIF).

Read the Full 13-F Summary Here

Carl Icahn's Icahn Capital Boosts Stake in MOT, Cuts TWC, Shows EMIS Stake

2008-08-15T13:49:00.003-05:00

Carl Icahn's Icahn Capital hedge fund released its 13F for the quarter ended June 30, 2008. Below are some notable moves:

* Lifted his Motorola Inc. (NYSE: MOT) stake from 115,649,600 shares to 144,119,843 shares

* Showed a new small 86,430 share stake in Emisphere Technologies, Inc. (Nasdaq: EMIS).

* Lowered his stake in Time Warner Cable Inc. (NYSE: TWC) from 4,711,128 shares to 1,842,834 shares.

* Got rid of his 129,715 share Perry Ellis (Nasdaq: PERY) stake.

Icahn also showed a 55,029,056 share stake in Yahoo (Nasdaq: YHOO), were he has been appointed to the board after a takeover fight with Microsoft failed, among other moves.

Read the Full 13-F Summary Here

Warrent Buffett Accumulates NRG Energy (NRG), Ingersoll-Rand (IR) and Union Pacific (UNP)

2008-08-14T16:50:00.007-05:00

There were some important footnotes we left out of the 13F report for Warren Buffett's Berkshire Hathaway. Here is a updated report. Some astute Seekingalpha.com members pointed out the issues.

- New 3,238,100 share stake in NRG Energy (NYSE: NRG)

- Raised stake in Ingersoll-Rand (NYSE: IR) from 936,600 shares to 5,636,600 shares. Footnote: Ingersoll-Rand bought another one of Buffett's stocks Trane (formerly TT), in a deal that was completed June 5th. Holders of Trane received a combination of $36.50 in cash and 0.23 Ingersoll Rand shares of common stock per each Trane share. Buffet held 10,901,900 Trane share at 03/31/08, so a portion of the increased IR stake (about 2.5M) is related to the buyout.

- Union Pacific (NYSE: UNP) from 4,453,000 shares to 8,906,000 shares

Footnote: UNP split 2-for-1, so while Buffett's share went up it was only due to the split and his stake in the company remains the same.

- Lowered stake in Anheuser-Busch (NYSE: BUD) from 35,563,200 shares to 13,845,000 shares. NOTE: BUD agreed to be acquired by InBev, so there is likely no more upside in the stock.

- ConocoPhillips (NYSE: COP) lowered 17,508,700 shares to 0 shares.

Footnote: Confidential information on ConocoPhillips has been omitted from the Form 13F and filed separately with the SEC, so we don't know if Buffett raised his stake or lowered it.

Buffett maintained his position is large holding Wells Fargo & Company (NYSE: WFC), which is worth nearly $9B. He also maintained his massive positions in Procter & Gamble (NYSE: PG) ($7.4B), Burlington Northern (NYSE: BNI) ($6.3B), American Express (NYSE: AXP) ($5.8B) and Kraft (NYSE: KFT) ($4.5B), among others.

Read the Full 13-F Summary Here

John Paulson's Paulson & Co Shows New Stakes In BofA (BAC) and Cheniere Energy (LNG), Among Others

2008-08-14T14:29:00.002-05:00

John Paulson's Paulson & Co. released its 13F for the quarter ended June 30, 2008. Paulson is best know for making an estimated $3-$4 billion by betting against the US housing market. Below are his long positions. Many look like merger-arb trades, but there are some interesting tid-bits, like:

New 2,732,700 share Bank of America (NYSE: BAC) stake.

New 4,700,000 share Cheniere Energy Inc. (AMEX: LNG) stake.

New 1,900,000 share W-H Energy Services, Inc. (NYSE: WHQ) stake.

Raised stake in Boston Scientific (NYSE: BSX) from 79,382,600 to 84,000,000 shares.

Read the Full 13-F Summary Here

Best Trade Ever - Ackman Scores Big on Longs Drug Stores (LDG)

2008-08-12T16:14:00.003-05:00

Bill Ackman just scored a major win with Longs Drug Stores (NYSE: LDG) tonight. A few minutes ago, CVS (NYSE: CVS) announced that it would acquire the drug store chain for $71.50 per share, a significant premium to the $54.04 close.

On August 5th, Ackman's Pershing Square disclosed an 8.8% stake (3,137,659 shares) in the company. Ackman also has 5,296,896 notional shares underlying certain cash-settled total return swaps, bringing his total economic exposure to 8,434,555 shares of Common Stock (approximately 23.6% of the outstanding shares of Common Stock).

Ackman paid $136,609,962 for these positions. The total value of the shares Ackman controls, at the buyout price of $71.50, is worth $603,070,682.

As Ackman just started accumulating shares in late June and July in the $40 range, this is an amazing windfall for Ackman and may go down as one of the 'best trades ever.'

Bill Ackman's Pershing Square hedge fund is a long/short equity fund with an activist bent. Ackman holds large positions in Target (NYSE: TGT) and Borders (NYSE: BGP), among others. Ackman proved his acumen as a short seller in 2007/2008 as short positions he held in MBIA (NYSE: MBI) and Ambac (NYSE: ABK) proved to be big winners due to the credit crunch.

Icahn Boosts Stake in Biogen Idec (BIIB) to 6% Following TYSABRI Sell-Off

2008-08-12T07:20:00.002-05:00

In a 13D filing on Biogen Idec (Nasdaq: BIIB), Carl Icahn disclosed he raised his stake in the company to 6.03% (17,511,304 shares). This is up from the 9,948,723 share stake held at the quarter ended 3/31/08.

Icahn noted that his representatives have had, and from time to time may seek to continue to have, discussions with representatives of Biogen Idec to discuss general business issues relating to the Issuer as well as their concerns relating to shareholder value.

Icahn disclosed he paid $916,501,219 for the position, or about $52 per share. Shares of Biogen are currently at $50.76.

Shares of Biogen Idec sank 28% on 8/1 after disclosing two additional TYSABRI-relate PML cases. The filing showed, Icahn accumulated large sums of stock after that drop.

Carl Icahn is one of the most prolific activist investors in the market today. He has had mixed results lately, but a strong long-term track record.

Cohen's SAC Capital Boosts Passive Stake in Incyte (INCY) to 6.4%

2008-08-07T16:24:00.002-05:00

In a 13G filing on Incyte Corporation (Nasdaq: INCY), Steven Cohen's SAC Capital disclosed a 6.4% stake (5,458,605 shares) in the company. This is up from the 1,105,000 share stake held at the quarter ended 3/31/08. A 13G indicates a 'passive investment'.

Incyte Corporation operates as a drug discovery and development company, which focuses on developing proprietary small molecule drugs to treat human immunodeficiency virus (HIV), diabetes, oncology, and inflammation diseases.

SAC is a multi-strategy, private asset management firm founded by Steven A. Cohen in 1992 with 9 employees and $25 million in assets under management. As of September 2007, the firm has grown to over 800 employees with approximately $14 billion in assets.

Highland Capital Boosts 'Passive' Stake in Capstead Mortgage (CMO) To 5.3%

2008-08-06T16:19:00.002-05:00

In a 13G filling on Capstead Mortgage (NYSE: CMO), Highland Capital Management disclosed a 5.3% stake (2,828,409 shares). The firm held 2100954 shares at the quarter ended 3/31/08. A 13G indicates a passive investment.

Capstead Mortgage Corporation operates as a real estate investment trust. The company, together with its subsidiaries, invests in real estate-related assets on a leveraged basis that primarily consisting of residential adjustable-rate mortgage securities issued and guaranteed by government-sponsored entities.

Founded in 1993, Highland Capital Management, L.P. is a leading investment management firm specializing in alternative investments with approximately $40 billion under management. A privately held registered investment advisor, the firm is a recognized leader and innovator in the credit and structured products markets. Highland is headquartered in Dallas, Texas, and has offices in New York and London.

Ackman's Pershing Square Builds 8.8% Stake in Longs Drug Stores (LDG)

2008-08-05T13:03:00.003-05:00

In a 13D filing on Longs Drug Stores (NYSE: LDG), Bill Ackman's Pershing Square Capital hedge fund disclosed an 8.8% stake (3,137,659 shares) in the company and noted they have hired advisors and may meet with management or others regarding the business.

From the Filing:

"Representatives of the Reporting Persons may in the future meet with management of the Issuer, other stockholders of the Issuer or other relevant parties to engage in discussions that may include matters relating to the strategy, business, assets, operations, capital structure and/or financial condition, governance, management, strategic plans of the Issuer, and future plans of the Issuer... The Reporting Persons have engaged advisors and may engage additional advisors."

Icahn Has A Happy Day, Racks Up Gains of At Least $350M

2008-07-31T11:44:00.001-05:00

Activist investor Carl Icahn is having a nice day today. Here's why:

1. Bristol -Myers (NYSE: BMY) sent Mr. Icahn a letter presenting a $60 per share offer for ImClone Systems (Nasdaq: IMCL). Icahn is the Chairman of ImClone, and owns 11,669,544 shares of the biotech company. With shares of ImClone trading up to 37%, to $63.84 today, Icahn made a cool $200+ million just today in the stock. Icahn's cost basis on ImClone is about $33 per share, suggesting Icahn could make a 100% profit on his trade if ImClone is sold for around $66 per share. If the company is sold for $60, that's still a 80% profit.

2. Motorola Inc. (NYSE: MOT), a stock Carl has been involved with for a long time, is up 12% after topping Q2 estimates and providing guidance above the Street. Carl is up about $126 million in MOT today, although he is still underwater in the stock.

3. Amylin Pharmaceuticals Inc. (Nasdaq: AMLN), a stock Carl has been invloved with and has pushed to put itself up for sale, is up 11% today on speculation it could be the next biotech takeover target following the ImClone news. Carl is up about $22 million today on the trade.

Large Bronco Drilling (BRNC) Holder Wexford Capital Reiterates Opposition To Merger, Says Co Worth $25-$30

2008-07-30T16:48:00.003-05:00

In an amended 13D filing on Bronco Drilling Co. Inc. (Nasdaq: BRNC), Wexford Capital, a 12.85% shareholder, disclosed a letter to the Board of Directors, reiterating their opposition to the merger with Allis-Chalmers Energy Inc. (NYSE: ALY) - saying it significantly undervalues the company.

Wexford Capital noted that it has extensive familiarity with Bronco Drilling, founding the company in 2001 and taking it public in 2005. They said, "As a substantial, knowledgeable Bronco shareholder, we have analyzed the proposed Merger and believe that it is not in the best interests of Bronco or its shareholders." The firm plans to vote against the deal.

Specificaly, Wexford said Bronco should be worth $25-$30 per share, well above the $17 per share offered in the Allis-Chalmers deal. Wexford noted that the land rig industry is much stronger since the transaction was announced. Wexford also said it expects 2009 EBITDA to approach $150M, well above the consensus estimate of $110M. Wexford also cited a comparable transaction between Schlumberger (NYSE: SLB) and Saxon Energy Services which implied a value of 7x EBITDA, versus a 3.5x-4.7x multiple for the Bronco Drilling/Allis-Chalmers deal.

Wexford Capital said they do not oppose a merger transaction involving Bronco, but they are opposed to the Allis-Chalmers deal as it significantly undervalues Bronco.

Link to Wexford letter to Bronco and the presentation

Wexford Capital LCC is an SEC registered investment advisor with over $7 billion of assets under management. Wexford manages four hedge funds with $4.5 billion in capital and has $ billion in private equity investments.

Cohen's SAC Boosts Stake in Invitrogen (IVGN) to 6.9%

2008-07-29T12:54:00.005-05:00

In an amended 13D filing after the close on Invitrogen Corp. (Nasdaq: IVGN), Steven Cohen's SAC Capital disclosed a 6.9% (6,171,830 shares) stake in the company. This is up from the 5.2% stake Cohen showed in the original 13D filing in July.

In the original filing, SAC said, "Based on the information that is publicly available, the Reporting Persons are supportive of the proposed merger with Applera (NYSE: ABI)."

In June, Invitrogen agreed to acquire Applera's Applied Biosystems Group (NYSE: ABI) in a cash and stock transaction valued at $6.7 billion.

Invitrogen Corporation engages in the development, manufacture, and marketing of research tools in reagent, kit, and applications forms for the life sciences research, drug discovery, and diagnostics customers, as well as biological products manufacturers.

SAC Capital is a multi-strategy, private asset management firm founded by Steven A. Cohen in 1992 with 9 employees and $25 million in assets under management. As of September 2007, the firm has grown to over 800 employees with approximately $14 billion in assets.

Harbinger Capital Builds 6.6% Stake in Sunoco (SUN)

2008-07-28T13:26:00.004-05:00

In a 13G filing after the close Friday on Sunoco, Inc. (NYSE: SUN), Philip Falcone's Harbinger Capital disclosed a 6.6% stake (7,732,600 shares) in the company. The hedge fund did not show a stake in Sunoco at the quarter ended 03/31/08.

A 13G indicates a 'passive investment', but Harbinger is a known activist investor. Most recently, Harbinger called on Cleveland-Cliffs (NYSE: CLF) to cancel their merger with Alpha Natural Resources Inc. (NYSE: ANR), saying it was not in the best interest of shareholders.

Sunoco, Inc., through its subsidiaries, manufactures and markets various petroleum products, including fuels, lubricants, and petrochemicals in the United States.

Harbinger Capital Partners, a subsidiary of Harbert Management, is a $9 billion hedge fund run by Philip Falcone.

Blum Capital Boosts Stake in Collective Brands (PSS) to 5.6%

2008-07-25T11:24:00.001-05:00

In a 13D filing after the close on Collective Brands, Inc. (NYSE: PSS), Blum Capital disclosed a 5.6% stake (3,603,967 shares) in the company. The firm held 3197314 PSS shares at the quarter ended 3/31/08. A 13D indicates a possible 'activist' investment.

In a pretty standard disclosure, Blum Capital did not make any direct requests on Collective Brands, but said they will monitor their investment and may enter discussions with management, the Board of Directors or others.

Collective Brands, Inc., through its subsidiaries, engages in the wholesale and retail of footwear and related accessories worldwide.

Blum Capital Partners is a $2.8 billion investment firm based in San Francisco. The firm makes strategic block and control investments in public and private transactions. The firm's investment strategy combines the private equity process applied to the public markets along with an ability to play a constructive and active role in unlocking value from portfolio companies through the implementation of financial, operational and governance initiatives.

ValueAct Capital Boosts Stake in Alliance Data Systems (ADS) to 5.9%

2008-07-22T13:16:00.002-05:00

In a 13D filing before the close on Alliance Data Systems Corporation (NYSE: ADS), ValueAct Capital disclosed a 5.9% (4,706,620 shares). This is up from the 2,009,900 shares held at the quarter ended 3/31/08.

In a pretty standard disclosure, ValueAct did not make any direct requests on Alliance Data Systems, but said they will monitor their investment and may enter discussions with management, the Board of Directors or others.

Alliance Data Systems Corporation, together with its subsidiaries, provides data-driven and transaction-based marketing and customer loyalty solutions.

ValueAct Capital, LLC is a $6 billion San Francisco based hedge fund focused on value investing.

Loeb's Third Point Said There Was a $20/Share Offer for Maguire Properties (MPG)

2008-07-07T15:18:00.002-05:00

In an amended 13D filing on Maguire Properties Inc. (NYSE: MPG), Daniel Loeb's Third Point LCC, an 8.8% holder, said they are in receipt of a letter indicating that a viable third party recently approached the Company with a proposal to acquire all of the outstanding shares of the Company for approximately $20 per share in cash. Third Point said although the proposal has been withdrawn, the proposal can still be converted into a fully-financed, unconditional offer if the Company takes certain steps.

From the Filing:

"The Reporting Persons are in receipt of a letter indicating that a viable third party (the "Acquirer") recently approached the Company with a proposal to acquire all of the outstanding shares of the Company for approximately $20 per share in cash (or, at the shareholder's option, stock in the resulting entity) (the "Proposal"). According to the Reporting Persons' information, although it has been withdrawn, the Proposal can still be converted into a fully-financed, unconditional offer if the Company takes steps which the Reporting Persons believe would have no negative financial or commercial implications to the Company. The Reporting Persons believe it is in the shareholders' best interests for the Company to assist the Acquirer, and any other viable bidder who may surface, in preparing for a premium offer for the Company. While a board of directors certainly has the right to determine whether it wants to sell the company it oversees, shareholders have the right to choose a board of directors whose interests are aligned with their own. The Reporting Persons will not support a board that does not exercise its fiduciary obligation to maximize shareholder value and will take whatever steps necessary to protect and maximize their investment in the Company."

Cohen's SAC Capital Accumulates 5.3% Stake In Takeover Target Take-Two Interactive (TTWO)

2008-06-25T16:18:00.001-05:00

UPDATE: In a 13D filing on Take-Two Interactive Software Inc. (Nasdaq: TTWO), Steven Cohen's SAC Capital disclosed a 5.3% stake (4,099,540 shares). The hedge fund did not show a stake in TTWO at the quarter ended 03/31/08. A 13D indicates a possitive 'activist investment.'

In a pretty standard disclosure, SAC Capital did not make any direct requests on Take-Two, but said they will monitor their investment and may enter discussions with management, the Board of Directors or others.

SAC Capital paid approximately $107,576,865 of investment capital to purchase the 4,099,540 shares of Take-Two (about $26.24 per share).

Take-Two Interactive has been fighting a $26/share unsolicted takeover offer from Electronic Arts (NASDAQ: ERTS) since March.