According to a Forbes report, Take-Two chairman Strauss Zelnick said in a quarterly earnings call last week that the company "had and continues to have formal discussions with interested parties," but did not specify further who the parties might be.

The report points to Ubisoft as a possible candidate, noting that the Prince of Persia publisher's rapid growth and expansion to mediums beyond gaming make it a good fit for Take-Two's properties, which include Rockstar's Grand Theft Auto series and 2K Games' BioShock.

"Ubisoft has shown they do a good job of managing original intellectual property," said Cowen and Co. analyst Doug Creutz. "Culturally, Take-Two developers would not have a problem at Ubisoft because they allow a decent degree of creative freedom."

Ubisoft's somewhat meager sports offerings could also be bolstered by the acquisition of Take-Two, which owns 2K Sports. Though Ubisoft Yves Guillemont had voiced his hopes for an expansion into the sports genre, the company currently has only one sports title—Shaun White Snowboarding—planned for release.

"Ubisoft has grown phenomenally over the past few years," said Signal Hill analyst Todd Greenwald. "But the only way for them to continue to grow is to enter categories that they aren't in."

The long saga of Take-Two's corporate courtship began when publisher Electronic Arts made an unsolicited $2 billion offer for the company last February. Rejected by the company's board of directors, EA attempted a hostile takeover soon thereafter.

The deadline on EA's offer of $25.74 per share has been extended to June 16. Should Take-Two hold out, analysts expect EA to raise its bid to $28-30 per share.