The Company has received indications of interest from third parties with respect to possible business combination transactions [i.e., mergers]... but no substantive discussions have yet occurred... Prior to the release of Grand Theft Auto IV, the Company is willing to enter into confidentiality agreements on customary terms and to engage in preliminary conversations with interested parties, including EA.   

Take-Two’s Board of Directors and senior management team were put in place less than one year ago with one mandate: maximize stockholder value.  We have maintained a single-minded focus on that goal ever since and it remains the guiding principle in every decision we make with regard to Take-Two.  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.

We believe [EA's] shares already incorporate a modest bump. We think its rational to expect a higher bid.

If Take-Two approaches EA about how to make this a friendly deal, they have a chance at getting EA to increase its bid.

We see EA eventually raising the bid, but only slightly. . . $1 or $2.