According to a Next-Gen report, Hickey said in an investor note that EA's current offer of $26 per share will likely not be enough to secure the company. "We continue to believe EA wants to buy Take-Two but likely will have to raise their tender to $30 per share if they expect to close the deal," he said. Take-Two's Board of Directors has repeatedly rejected the $26 per share offer as "inadequate" but has also refused further negotiations until after the release of Grand Theft Auto IV on April 29.
"We maintain our view EA's bid will prove insufficient after talking with [Take-Two] shareholders," Hickey continued. "We do not believe EA has accumulated more than 25 percent of the Company's shares in their current tender, which should provide them minimal leverage in pressuring the Company's board in favor of their $26 bid." While he said he was uncertain whether EA would actually increase its offer, he claimed it would be worthwhile for EA to do so, saying, "The incremental cost of a higher bid seems minimal compared with the longer term benefits."