Take-Two hasn't ruled out EA deal -chairman

SAN FRANCISCO, Feb 24 (Reuters) - Take-Two Interactive Software Inc (TTWO.O: Quote, Profile, Research) has not ruled out a potential buyout from Electronic Arts Inc (ERTS.O: Quote, Profile, Research), but the timing and price of its current $2 billion offer are wrong, Take-Two Chairman Strauss Zelnick said on Sunday.

"We didn't slam the door, we just said look, the price is not right and the time is wrong," Zelnick said. He declined to say what price he thought Take-Two should command.

Asked if Take-Two would enter into formal discussions with EA before the April 29 launch of its highly anticipated game "Grand Theft Auto IV", Zelnick said: "We have to see what steps they take, and we have and will continue to operate in the best interest of shareholders."

If something happens that creates a reason to do something different, its our job to do something different."