EA's offer of $25.74 will officially expire at 11:59 p.m. tonight.
But EA chief John Riccitiello and Take-Two chair Strauss Zelnick agreed over the weekend to continue talks. Take-Two will show EA a presentation that includes "non-public information" such as the company's three year product release schedule and management's financial projections.
"I believe our presentation will enable you to understand better the value of our Company to EA," Zelnick stated in a publicized letter to Riccitiello over the weekend.
Zelnick also required EA to enter into a confidentiality agreement prior to the management presentation, terms which Riccitiello accepted.
"I can assure you that this requirement is the same as or more favorable to EA than that which we have employed with all other participants in the process," Zelnick added.
Riccitiello said, "...Given the passage of time, we have to validate the assumptions used in the model to support our offer price of $25.74 per share in cash. In addition, we no longer believe we can integrate Take-Two ahead of the important holiday season."
EA is currently under review by the Federal Trade Commission regarding its hostile takeover bid. The publisher said it "remains confident that antitrust issues will not prevent or delay a transaction."
Despite the civility of the exchange between the honchos, the amount of the transaction will continue to be an area of contention as the process moves forward.
Zelnick said, "Our Board remains unwavering in its belief that EA's unsolicited conditional tender offer of $25.74 per share was inadequate and undervalued Take-Two's world-class entertainment franchises and our strong operational and financial performance.”