After EA’s initial acquisition bid for Take-Two (2K) in February, the proposal has expired and been re-issued almost half a dozen times, all the while 2K board chairman Strauss Zelnick maintaining that EA’s offer undervalued 2K and thus denied it every time.

EA’s last bid, however, has recently expired and they will not be seeking a renewal of the hostile takeover plan. EA’s goal with the acquisition would have been to gain distribution of 2K’s titles before Christmas. They believe now that they have ‘crossed a threshold’ in terms of the time necessary to make all of the arrangements before 2K’s Christmas line-up (October to December) goes on shelves.

Instead, EA will enter into private talks with 2K management who are expected to present EA with an outline of their true value. These talks may still lead to an acquisition of 2K by EA, or they may result in a different deal altogether, if any agreement is made at all.

2K chairman Strauss Zelnick said, “We welcome EA into our formal process and look forward to demonstrating to their Board the significant strides made by Take-Two since they last undertook a detailed review of our business in early 2007”.

Take Two CEO Ben Feder added, “We are continuing to consider all alternatives that will maximize value to our stockholders.”