Shares of Take-Two Interactive (NASDAQ:TTWO) opened 12% higher this morning, but don't go scouring last night's fourth-quarter report for the reason. The quarter was a stinker, as losses widened despite a marginal uptick on the top line.

No, what's driving shares of Take-Two this morning is the news that Carl Icahn taking an 11% stake in the struggling video-game company.

Investors are assuming that Icahn will try to bring Electronic Arts (NASDAQ:ERTS) back to the table. EA had a $26-per-share buyout offer on the table, but it backed away when Take-Two shareholders weren't nibbling.

As long as Icahn realizes that EA isn't coming back at anything close to that price, he may be making a shrewd move.

Take-Two's fundamentals have collapsed since EA walked away -- black ink has turned to red ink. The stock was slammed earlier this month, when Take-Two warned that it would post a sharp loss in the new fiscal year, despite the release of several highly anticipated games, including BioShock 2 in February.

However, Take-Two's Grand Theft Auto is still a juggernaut, and it wouldn't surprise me to see a desperate EA willing to pay half as much as it offered last year. At today's single-digit prices, it would be a healthy premium.

However, Icahn has bitten off more than he could chew in trying to play matchmaker at Yahoo! (NASDAQ:YHOO) and Blockbuster (NYSE:BBI) in recent years. Yes, he's rich and smart, but he doesn't always get what he wants.

Given the industry's hazy state, one wouldn't blame Take-Two for letting an activist investor try to drum up suitors as an exit strategy. If EA isn't interested, there's a fair chance that Activision Blizzard (NASDAQ:ATVI) or MTV and Rock Band parent Viacom (NYSE:VIA) may be ready to listen.

The clock is ticking at Take-Two. Let's hope the company gets it right the second time.

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Electronic Arts and Activision Blizzard are Motley Fool Stock Advisor recommendations. Take-Two Interactive is a Rule Breakers newsletter picks. Play along with any of our premium newsletter services for the next 30 days with a free backstage pass.

Longtime Fool contributor Rick Munarriz still plays video games, when he can find the time. He owns no shares in any of the companies in this article and is also part of the Rule Breakers newsletter research team, seeking out tomorrow's ultimate growth stocks a day early. The Fool has a disclosure policy.