Wedbush Morgan analyst Michael Pachter has said that despite Take Two’s rejection of Electronic Arts’ recent buyout offer, the publisher lacks the resources to put up a determined fight against a hostile takeover attempt.

In an interview posted on MTV’s Multiplayer blog, Pachter said the potential deal would be good for both EA and Take Two. “(Take Two) earned about a dollar a share this year. EA is offering them 26 times that,” he said. “They make a lot of money when they make Grand Theft Auto and they don’t when they don’t make GTA.”

“Their delusion that they will compete in sports – and the reason I say delusion is because EA’s done everything they can to put the squeeze on them – ultimately I think Take Two would have to get out of that business. GTA is a great asset. Civilization is a great asset. The Irrational guys, Midnight Club. And the rest of the guys, who knows…”

Asked if there was any way for Take Two to block EA’s move, he replied, “I don’t really think so, unless Take Two shareholders think the stock is worth $40. But nobody is going to offer to buy it at $40.” He also suggested that EA’s offer was fair and would likely appeal to Take Two shareholders. “I think the vast majority of Take Two shareholders will jump at this,” he said. “I don’t see a white knight. I don’t think Take Two will be able to do anything to block this.”

One potential stumbling block from EA’s perspective, according to Pachter, is Rockstar Games, which would require a “separate negotiation” in order to be brought under the EA tent. “GTA is clearly a wonderful asset, worth a ton. The problem is that to make GTA the way it has in the past you need to engage the Rockstar North guys,” he said. “They’re not going to want the same deal as what they have now.”

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