Quelling rumors that Microsoft is bidding on the ailing Take-Two, Shane Kim has confirmed to CNN that Microsoft has no such intention. According to the CNN article, taking over an independent publisher that creates games for multiple platforms would actually create a revenue loss, as all Take-Two's development would be shifted to the 360 alone. Said Kim, "We could never launch an acquisition bid at a third party publisher."
As for parties that are interested in the company, speculation ranges from Ubisoft to Elevation Partners (of which U2's Bono is a member) to Rupert Murdoch's News Corp. The article also suggests, as others have suggested in the past, that Take-Two may be sold in pieces, offering up divisions like 2K Sports and Rockstar Games instead of Take-Two being sold as a whole.