Though there still is no end in sight in Electronic Arts Inc.'s [ERTS] pursuit of Take-Two Interactive Software Inc. [TTWO], it has become increasingly clear what must happen to get a deal done.

Take-Two on Thursday reported stellar earnings for its second quarter as the company benefited from the introduction in April of its highly-successful "Grand Theft Auto IV" video game. After garnering rave industry reviews, retailers sold 8.5 million ÒGTA IVÓ video games through May 31.

Though exceptional, the numbers were largely baked into Take-Two's stock price, which showed little movement the day after the report. Shares of Take-Two closed down 1% at $27.36 Friday.

Even at that price, Take-Two continues to trade around $2 a share, or 8%, above the current $25.74 a share, or $2 billion, offer price from EA, suggesting investors still expect the Redwood City, Calif.-based company to eventually raise its bid.

"I think EA goes for a $30 to $32 bid to try and get it done," said Mike Hickey, an analyst with Janco Partners Inc. "I think $31 gets it done assuming EA is the only bidder."

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