GamePolitics has just received a press release from Take Two Interactive in response to Electronic Arts' hostile takeover bid.
In the release, the Take Two board confirms EA's offer and pronounces it "inadequate in multiple respects and not in the best interests of Take-Two's stockholders." From the release:
"After careful evaluation, the Board has determined that EA's proposal substantially undervalues Take-Two's robust and enviable stable of game franchises, exceptional creative talent and strong consumer loyalty.
We believe EA's unsolicited offer is highly opportunistic and is attempting to take advantage of our upcoming release of Grand Theft Auto IV, one of the most valuable and durable franchises in the industry."