Guess who has been trying to buy Take-Two?

Take-Two (best known for their subsidiary Rockstar's GTA series) today confirmed that it has received an unsolicited proposal from Electronic Arts to acquire Take-Two, which it has concluded that it will turn down.

The proposal would have, in the words of Take-Two, would have been "inadequate in multiple respects and not in the best interests of Take-Two's stockholders," and "substantially undervalues Take-Two's robust and enviable stable of game franchises."

Take-Two apparently had been interested in entering into "good-faith dialogue" with EA to try and find common ground on the appropriate value of Take-Two "as a first step to realizing a mutually beneficially transaction." The company is wary however of making any long-term decisions now, right before the release of its forthcoming massive hitter, Grand Theft Auto IV. After that has been released and the dust has settled, we'll probably hear more.