EA and Take-Two... the big question

Now that Electronic Arts has ended its hostile (and unwelcome by both management and most shareholders) bid for Take-Two Interactive and entered private negotiations (Daily Variety story here), there's one big question: Who has hand?

Specifically, did EA realize it was never going to convince EA shareholders to take $2 billion, or something close to it, so long as Strauss Zelnick and the rest of the "Grand Theft Auto" publisher's management opposed the deal? Or has Take-Two leadership realized it needs to make a deal soon and would rather do so in private negotiations, where it can take credit, than by losing a public battle if EA upped its bid a little more?

If EA ends up making a deal with Zelnick et al for just a little more than the $25.74 it has thus far offered, I suppose we'll know it had hand. If it's a radically different deal, or nothing happens and Take-Two either goes with another partner or sticks it out as an independent, then it will be clear going back into private negotiations was a last ditch attempt by EA.