At its Annual Meeting of Stockholders in New York today, Take-Two's Board of Directors remained steadfast in its recommendation to shareholders not to accept EA's tender offer to acquire the company. Speaking on behalf of the board, Chairman Strauss Zelnick stressed that Take-Two is worth more than $26 per share. "It just doesn't stack up," said Zelnick of EA's offer. "The synergies alone to a strategic partner -- the synergies themselves -- could be worth anywhere from $6 to $29 per share."

However, Zelnick did not entirely rule out the possibility of a takeover, as the board continues to assess "informal conversations" with and "expressions of interest" from third parties. He assured shareholders that the board was doing everything in its power to increase the value of the company, a strategy that could, in the future, include combining with a third party. Zelnick declined to "speculate" on today's news that the FTC has requested additional information from EA regarding the proposed takeover bid. Zelnick also refused to comment on the possibility that he or the board has signed confidentiality agreements.

This article was originally published on Joystiq.