The biggest merger that has not happened yet still has much life left as EA extended their deadline which expired last week to another 30 days. No one is surprised. EA is still pursuing the reluctant studio who is still waiting to sell as GTA IV makes history. The announcement quotes Senior VP Owen Mahoney:

Extending our offer will allow the FTC review process to continue. EA’s offer price remains unchanged at $25.74 per share and our offer is still subject to conditions that include regulatory approval. As stated earlier, we retain the right to terminate the offer if the conditions are not satisfied.

EA is no longer the only interested buyer out there. Take Two still feels the offer is inadequate and is talking to other people. Now, this could be a move to drive the price up or maybe they really are looking elsewhere. Take Two had this to say:

This is the same highly conditional proposal that EA offered Take-Two stockholders on March 13, 2008, which our Board of Directors thoroughly reviewed and unanimously determined to be inadequate and contrary to the best interests of Take-Two’s stockholders. As such, the recommendation of our Board of Directors that stockholders not tender their shares to EA remains unchanged. The Board is committed to maximizing stockholder value and is exploring all strategic alternatives to do so. We said we were willing to begin formal discussions with interested parties on April 30, following the launch of Grand Theft Auto IV, and we have in fact begun that process. We are confident in the significant growth potential of Take-Two and in the unique value of our business given our strong position in this growing and dynamic industry.”

Needless to say, you might want to buy some Take Two stock. Someone is going to pay out the ass for it.