Although a number of analysts have said that EA's $26 per share offer for Take-Two Interactive is the best deal Take-Two would get – or that EA would raise its offer by a dollar or two at most – Janco Partners analyst Mike Hickey believes that EA will have to go as high as $30 per share in order to seal the deal.

"We continue to believe EA wants to buy Take-Two but will likely have to raise their tender to $30 per share if they expect to close the deal. We maintain our view EA's bid will prove insufficient after talking with TTWO shareholders and our approximation that at least 35% of the TTWO's shareholder base consists of arbs. We do not believe EA has accumulated more then 25% 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," he said.

Hickey continued, "It's difficult for us to determine EA's willingness to increase their bid to complete the acquisition, but the accretive nature of the deal seems obvious and the incremental cost of a higher bid seems minimal compared to the longer term benefits. We believe Zelnick Media's compensation plan will be approved today and that management continues to aggressively pursue the best interest of shareholders."

Hickey also reiterated his belief that the launch of GTA IV would result in sales of about 5.8 million units in the first week, possibly dampening the box office sales of Marvel's Iron Man.