After taking out a massive $1 billion loan and extending their offer deadline to June 16, Take-Two (TT) still isn't too keen on the EA's proposed takeover. EA meanwhile, is content to sit tight without changing their offer. Owen Mahoney, Senior Vice President of EA Corporate Development made the following statement:

"Extending our offer will allow the FTC review process to continue. EA's offer price remains unchanged at $25.74 per share and our offer is still subject to conditions that include regulatory approval. As stated earlier, we retain the right to terminate the offer if the conditions are not satisfied."

Chairman of Take-Two Strauss Zenick has concurred the proposal is unanimously considered inadequate over at his offices:

"As such, the recommendation of our Board of Directors that stockholders not tender their shares to EA remains unchanged. The Board is committed to maximizing stockholder value and is exploring all strategic alternatives to do so."

The company's CEO Ben Feder concludes the offer "fails to compensate our stockholders for our exceptional portfolio of intellectual property, world-class creative resources, and our successful revitalization initiatives," pointing to the extraordinary sales of GTA IV and the Universal deal for the Bioshock movie.

Looks like the extension is largely a waste of time, with TT basically saying "we're fine on our own, thank you very much." I see this as good news for the industry; there's enough consolidation as it is. Declare independence!