In mid-September Electronic Arts finally gave up its pursuit of GTA publisher Take-Two Interactive. Many analysts felt that EA had the best offer, but Take-Two insisted it was still "actively engaged in discussions with other parties." Now, only a few weeks later, Take-Two has withdrawn itself from the market.

The company said it has "completed its review of strategic alternatives" and after five months of discussions with numerous parties (none of which were ever revealed, except EA) Take-Two has come to the conclusion that it's "in the best interests of stockholders to...continue operating and building Take-Two as an independent company."

"Take-Two's Board of Directors and management have a clear mandate from stockholders to maximize value," noted Strauss Zelnick, Chairman of the Board of Take-Two. "We are strongly positioned creatively, financially and competitively to benefit from the opportunities we see in the fastest growing segment of the entertainment industry. Our management and outstanding and talented employees have maintained an unwavering focus on our products and our business through this lengthy strategic review process and we are confident in our prospects. We remain focused on maximizing value for stockholders and are executing on our business strategies in a determined manner."

"Take-Two's recent performance demonstrates our potential to create value for the long term. We have delivered solid financial results and expanded our portfolio of leading titles, which includes the powerful Grand Theft Auto franchise, as well as 15 other wholly owned brands with sales of more than one million units each," added Ben Feder, Chief Executive Officer of Take-Two. "Our strong cash position – with no debt and an undrawn $140 million credit facility – gives us the financial flexibility to continue to do what we do best: innovate and create the great games that our customers have come to expect."

Shares in Take-Two have fallen back nearly 30 percent since EA walked away from a potential deal. As of this writing, TTWO is down over four percent to $15.26. While the Take-Two saga may appear to be over for now, we wouldn't be surprised to see talks start up again in the future given the pace of consolidation in the game industry, and the overall economic environment.