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I think everyone always seems to forget the last option ... which is Take 2 might want to go at it alone ...

After reading the forbes article, located here:
http://www.forbes.com/2008/06/06/taketwo-ea-buyout-tech-enter-cx_0606taketwo.html?partner=yahootix

There is one large assumption that is built into all of this.
1. TAKE 2 MUST SELL/MERGE THE COMPANY
2. Management WILL/MUST SELL/MERGE THE COMPANY.

What happens if Take 2 doesnt want to do any of the above? Also when Zelnick says formal discussions have begun ... here might be a possible formal discussion:

"I would like to buy ur company for $X Billion" (interested buyer)
"No" (Take 2)

Thats what EA and Take 2 did before EA took their bid hostile. They were in "formal discussions" and Take 2 kept on saying "No".