Take-Two has rejected EA's previous bids of $25 and $26 per share, and analysts are wondering if EA will be raising its offer.

Michael Pachter of Wedbush Morgan Securities certainly doesn't think so, which he expresses, "We think that the company may choose to offer a small increase, perhaps USD 1–2 per share more, in order to complete a friendly takeover.  However, we don't see the company dramatically increasing its bid over the near term. In the absence of a hostile bid, we think that EA will cool its heels and walk."

Screen Digest, a London based research group, told GamesIndustry.biz that there's a good chance EA will walk away from all this if Take-Two doesn't change its mind. 

"EA has already said that its offer is predicated on distributing GTA IV and there is little doubt that it would prefer to avoid its annual price war with 2K Sports over the glut of sports titles aimed at the US market," explains analyst Ed Barton, "Forcing EA to wait until after these two events materially changes the economic rationale of the deal and, presumably, removes much of the impetus to offer a substantial premium to Take-Two shareholders."

On the flip side, some experts are saying that EA would go as high as $32 per share if it has to in order to win Take-Two over.  Take-Two's chairman Strauss Zelnick is saying that the company will not be negotiating any more deals until th day after GTA's release on April 29.

Until then, they'll likely continue playing hard to get.