Analyst Michael Pachter is looking into the future once again. His take on the never-ending take-over dance between Electronic Arts and Take-Two? EA will be friendly with its terms, and Take-Two will lose its leverage.

The Wedbush Morgan analyst has commented that he found it "somewhat surprising to us that EA agreed to change its offer from hostile to friendly." And although Take-Two may have reacted rather acrimoniously by calling EA's new offer as being "inadequate" and "opportunistic", he is certain that it does recognize the fact that it may very well be the last and only opportunity for the outcome of the take-over to be affected.

Pachter also observes that Take-Two's negotiating level has gone down and deteriorated, based on the recent press releases it's been sending out. Logically then, he believes that EA will eventually win out this prolonged round of acquisitions. Says he,

Notwithstanding Take-Two's posturing, we do not expect EA to be impressed with the presentation, which will include a 3-year release schedule and a list of cost control initiatives. We think that most of Take-Two's forward game schedule is fairly evident (EA should not be particularly surprised to learn that GTA 5 and BioShock 2 are planned), and think that its cost control initiatives, while impressive, will not sway EA to offer more, given the latter company's apparent intention to eliminate all Take-Two overhead anyway.

He also expressed their prediction that there can only be two potential outcomes to this whole take-over drama: 1) Take-Two negotiates a friendly deal with a price tag of something close to US$ 25.74, or 2) EA ceases the friendly act and goes back to hostile mode.

Not much of an option there, but, again, we'll just have to wait and see -- as we've all been doing the past how many months now. Come on EA and Take-Two. Wrap it up.

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Related Take-Two - EA takeover articles:

• Vicious cycle: EA extends T2's deadline again, offer unchanged
• Pachter: Take-Two to reject higher EA bid
• EA to wait for FTC on Take-Two takeover