Take-Two plans three for two stock split in April

Publisher Take Two Interactive (TTWO) has announced that it plans to perform a three for two stock split on April 11th, in a move which will see existing shareholders being given a 50 per cent stock dividend.

The dividend applies to shareholders who are on record as of March 28th, and the company plans to pay cash in lieu of any fractional shares resulting from the deal. The move was welcomed by investors, with Take Two's share price rising by almost a dollar to $41 in Friday trading after the announcement.

The split comes in the wake of a strong first quarter for the company, with sales of Grand Theft Auto: San Andreas driving revenues up to $502.5 million - a rise of 34 per cent over the previous year - while profits shot up to $55.2 million from $31.8 million a year earlier.