Take-Two has been playing hard to get since rival publisher Electronic Arts expressed its intentions to acquire the company, citing that EA was greatly underestimating their shareholder value. Unsatisfied by the resistance displayed by Take Two's board of directors, EA will instead take their $2 billion USD bid directly to the publisher's shareholders; in doing so, their tender offer becomes a hostile takeover attempt under the very watch of Take-Two's management. According to EA's CEO John Riccitiello:

"We believe that the offer we made is compelling. It is a full price and the longer we go on, the less valuable the asset is to us. At least so far, Take-Two's board is indicating they don't want to negotiate."

EA's tender offer expires at midnight on April 11th, and maintains their current offer to nab outstanding shares of Take-Two's common stock for $26 USD per share in cash. This would command a 64 percent increase over Take-Two's current closing stock price. Assuming EA is not successful in convincing Take-Two's shareholders by April 11th and the deadline is not extended, EA will then need to make a new offer directly to Take-Two's management.

Take-Two meanwhile is (obviously) advising its shareholders to hold tight and wait for its own judgement on EA's "unsolicited conditional tender offer", coming within the next 10 business days. Despite this, analysts like Wedbush Morgan Securities' Michael Pachter predicts Take-Two's shareholders just might end up biting before then, believing they are more apt to make the "pragmatic" choice when one considers the "dramatic shift" in Take-Two's shareholder base.