Reuters- Hedge fund SAC Capital reported on Wednesday that it had cut its stake in Take-Two Interactive Software Inc to 4.4 percent from 5.3 percent.
The fund did not give a reason for the recent stock sales in a filing with the U.S. Securities and Exchange Commission. It said it was no longer a beneficial owner of 5 percent of the company’s stock and did not intend to file further updates on its stake with the SEC.
Take-Two is facing a takeover bid by larger rival Electronic Arts Inc, which it has rejected as being too low.
