Today is the deadline for EA's offer to buy Take-Two's shares at $26 a pop, but it's likely EA will extend that deadline when they don't get the shares.
Analyst Michael Pachter believes that EA's initial offer was too high. He believes that the initial offer should have been around $22 a share, which EA could have then increased to $26 after Take-Two declined.
EA did just secure that $1 billion loan, however, and are definitely serious about adding Take-Two to their stable.
GamePolitics: Deadline Day for EA-Take Two Takeover