Take-Two rejects EA acquisition proposal [update 1]

Apparently, it didn't take them very long to consider Electronic Arts' somewhat hostile buyout proposal -- Take-Two's Board of Directors just responded to the offer with a press release of their own, stating that EA CEO John Riccitiello's proposal was "inadequate in multiple respects and not in the best interests of Take-Two's stockholders."

While EA's proposal listed Grand Theft Auto IV as a primary reason for the merger, as Riccitiello claimed EA could lend their help during the game's quickly approaching release, Strauss Zelnick, Take-Two's executive chairman, listed GTAIV as the primary reason why they wouldn't want to merge at this point in time, fully expecting to increase their overall value when the game hits store shelves come April 29.

Zelnick's laundry list of reasons why the buyout wouldn't benefit his company can be found on the press release. For now, let us rejoice in the postponement of the seemingly inevitable future where one superconglomerated gaming publisher/developer controls all game releases on the planet.

Update: MTV Multiplayer's Stephen Totilo just had a chat with industry guru Michael Pachter, who claims that this probably isn't the end of the ordeal, and that EA will eventually get their way -- though it might not happen for a while.