Take-Two shareholders don't think a bigger bid is coming

As Reuters reported last night, the dramatic sell-off of Take-Two Interactive stock by two of its biggest share holders -- Oppenheimer Funds and Fidelity Mutual Funds -- means that some very smart people on Wall Street think the company's stock isn't going any higher than the $26 range it hit after EA's bid.

Which means they don't think EA is going to increase its bid, nor is another publisher or a big media company going to come in and offer more.

And also means that, no matter how well "GTA IV" sells, they also don't think Take-Two stock is going to naturally go higher than $26 anytime soon.

Which means the Take-Two board's argument that their company is worth more than the $26 Electronic Arts has offered isn't too convincing to Wall Street right now.

As Pachter said, "[These shareholders] are voting on this deal and they are voting with their feet. They know they have no leverage."

Which means Strauss Zelnick et al will either have to take EA's bid, or prove two of their (formerly) biggest shareholders wrong.

Next up in the ongoing drama: Take-Two earnings coming this afternoon.