Take-Two Interactive reject EA's advances Page: 1
GTA 4 logoTake-Two Interactive set to wait before deciding whether to sell

At a recent Take-Two Interactive investor meeting, after a thorough review with the assistance of their financial and legal advisor's, the Board of Directors unanimously determined that EA's cash offer of $26 per share was inadequate in multiple respects and contrary to the best interests of Take-Two's stockholders.
They also said that they will explore alternatives to maximize value for stockholders, which may include a business combination with third parties or with EA, remaining independent, or other strategic or financial alternatives that could deliver higher stockholder value than the current EA offer.
The Board has commenced a process for considering strategic alternatives in order to be prepared to engage in discussions with any parties, including EA, interested in a strategic business combination following Take-Two’s release of Grand Theft Auto IV, scheduled for April 29, 2008. The Board continues to believe that the Company will be best positioned, from the perspective of both value and timing, to conduct such a review at that time.
Basically they want to put off any discussions or negotiations with anyone until after the upcoming release of Grand Theft Auto IV.  That makes perfect sense as the release of GTA IV will inevitably lead to a nice increase in the value of Take-Two's shares and will force EA to review their $26 per share offer.  However, it remains to be seen whether EA will still want to offer for the company at that time.
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