UPDATE 1-SAC Capital reports 5.3 pct stake in Take-Two
(Adds FTC and deal background)
WASHINGTON, June 25 Hedge fund SAC Capital on Wednesday reported that it owns a 5.3 percent stake in the common stock of Take-Two Interactive Software Inc (TTWO.O), publisher of the blockbuster 'Grand Theft Auto' video game.
The fund said in a filing with the U.S. Securities and Exchange Commission that it acquired the 4.1 million shares, worth about $108 million, for investment purposes.
Take-Two is facing a takeover bid by larger rival Electronic Arts Inc ERTS.O, which it has rejected as being too low.
Earlier this month, EA -- publisher of such games as 'Madden' and 'Need for Speed' -- said it extended its $2 billion takeover offer for Take-Two until July 18 to allow the Federal Trade Commission to review the deal on antitrust grounds. (Reporting by Karey Wutkowski and Anupreeta Das; Editing by Gary Hill)
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