Take-Two Dips as Video-Game Maker Preps $1 Billion Stock Sale

Take-Two Interactive Software Inc. shares fell as much as 5% in extended trading after the company announced plans to sell $1 billion of new stock to investors.

The New York-based video-game maker plans to use the proceeds for general corporate purposes, including repayment of debt and future acquisitions, according to a statement Tuesday. The company declined to comment further on the sale.

Earlier this month Take-Two said it would delayits most highly anticipated new title, Grand Theft Auto VI, until May of next year. The stock is up 29% this year through the close of trading Tuesday. Its ...