Take-Two chairman Strauss Zelnick released a statement that the company's board is "100% committed to maximizing stockholder value," calling EA's bid "inadequate" and recommending stockholders not take the EA offer. He says that Take-Two is currently "engaged in meaningful discussions with multiple parties" and that some of those groups have been conducting due diligence (a fancy legal term for checking under a company's hood and making sure everything looks kosher). Meanwhile, the FTC is probing the deal over possible antitrust issues and should be finished by Aug. 21.
Source – EA extends deadline to Aug. 18
Source – Take-Two responds to fifth extension