The seemingly infinite dance of acquisition between Take Two Interactive and Electronic Arts is finally over, with both partners going home the same way they came: alone. Here's a quick recap. First EA was like, "Hey, why don't you come on over here and let us buy you out? We won't wait forever..." Then T2 was all, "Oh nuh uh! I don't even think so. I'm so doing my own thing!". So EA says, "Fine. Don't come over right now, we'll wait a little longer." But then T2 goes, "We really don't want to be bought out by you guys. We're totally more valuable than you think." Okay, maybe that wasn't the exact language that was used, but I think my paraphrasing is much more interesting than "highly conditional tender offer does not alter the fact that their proposal still significantly undervalues Take-Two".

As reported on GamePolitics, EA issued a press release announcing that the deal was off:

Electronic Arts... today announced that while EA continues to have a high regard for Take-Two's creative teams and products, after careful consideration, including a management presentation and review of other due diligence materials provided by Take-Two... EA has decided not to make a proposal to acquire Take-Two and has terminated discussions with Take-Two.

Take Two issued their own release responding to EA's decision:

We remain focused on creating value for our stockholders and our consumers. This has been our goal since EA launched its conditional and unsolicited bid six months ago, a bid which was repeatedly rejected by our stockholders. As part of that commitment, we remain actively engaged in discussions with other parties in the context of our formal process to consider strategic alternatives. We're especially proud of the success we've enjoyed over the past eighteen months and we remain confident in our ability to generate value for stockholders.

So, in a nutshell: EA is tired of waiting around, and T2 thinks they're worth more as a separate entity. So for all of you out there whose lives were defined by waiting for the next installment of this LOST-esque drama, it's time to move on. But if you fall into that category, I wouldn't be too worried; it shouldn't be too long before EA buys someone else.

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