Following the recently unsuccessful bid by EA to buy all outstanding shares of Take-Two's stock at $26 a share, the company has received offers from a few third-party companies that are now interested. You can be rest assured that there wont be any buying or selling of Take-Two stock until after the release of Grand Theft Auto IV
at the end of April.
According the chairman of Take-Two Strauss Zelnick, "Our Board, after careful review, has unanimously determined that Electronic Arts' offer continues to provide insufficient value and remains opportunistically timed to capture the value of the upcoming Grand Theft Auto IV launch at the expense of our stockholders."
To put it bluntly, screw you and the horse you rode in on EA, after GTA4
comes out, you can't afford us!
Zelnick continues his verbal pwnage,"We are effectively working toward a process to review all available options to maximise this value, either as an independent company or in combination with a third party, and are open to beginning informal discussions starting now. Our stockholders' interests would hardly be served by accepting an offer from EA at the wrong price and the wrong time,"
So in short, it doesn't look like EA planned on their offer to buy Take-Two to backfire as much as it did. Fortunately the shareholders of Take-Two are smart enough to realize that the release of GTA4
is going to make the stock surge as long as there isn't any "hot coffee" included.