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After announcing yesterday that EA wants Take Two so badly that it prepared $2 billion in cash for the acquisition, we now present you Take Two's answer, which is basically..."wait till we release the GTA cash-cow".
In a press release issued yesterday, Take Two's board of directors rejects (again...) EA's offer, considering it as everyone considered it: opportunistic and unsolicited. The company that also holds rights for BioShock is confident that the launch of Grand Theft Auto IV, scheduled for April 29, will significantly increase its chances of obtaining a better price for its shares:
"Given the great importance of the Grand Theft Auto IV launch to the value of Take-Two, the Board has determined that the only prudent and responsible course for our Company and its stockholders is to defer these discussions until immediately after Grand Theft Auto IV is released. Therefore, we offered to initiate discussions with EA on April 30th, 2008 (the day after Grand Theft Auto IV is scheduled to release). We believe this offer demonstrated our commitment to pursuing all avenues to maximize stockholder value, while we believe that EA’s refusal to entertain this path is evidence of their desire to acquire Take-Two at a significant discount, whereas we believe this value rightly belongs to our stockholders," Take Two boss Strauss Zelnick said.
However, despite the initial opposition of TT's board of directors, it seems that the company's fate is already decided, since the amount of money EA is willing to pump into it ($25 per share, a total of $2 billion) is too enticing for investors. Famous Michael Patcher, interviewed by MTV Multiplayer blog, said that EA will at best increase its bid at $26 per share, but will never go up to $40.

The only mystery is how is Rockstar, the creators of the GTA franchise, going to react to the changes. Take Two has an exclusive publishing contract with Rockstar, and that contract is likely going to be modified separately, following direct negotiations between EA and Rockstar. Take Two's other studio, Fireaxis, is expected to be more receptive to a collaboration with the Redwood City behemoth.