Electronic Arts let its buyout offer valued at $2 billion for Grand Theft Auto publisher Take-Two expire earlier this month, but that doesn’t mean the two companies have stopped conferring behind closed doors.

According to an SEC filing dated August 25, Take-Two has entered into a confidentiality agreement with EA, prohibiting the parties from “publicly disclosing the status or terms of any discussions or negotiations.” The filing further states that until a definitive transaction has been made, or discussions between both EA and Take-Two have been terminated, an announcement regarding the status of any discussions or negotiations will not be made.

In other words, the EA and Take-Two saga is far from over.

On August 25, 2008, Electronic Arts Inc. (“EA”) and Take-Two Interactive Software, Inc. (“Take-Two”) entered into the confidentiality agreement contemplated by the letter of August 17, 2008 from Strauss Zelnick, Executive Chairman of the Board of Directors of Take-Two to John Riccitiello, Chief Executive Officer of EA, and the letter of August 18 from Mr. Riccitiello to Mr. Zelnick. The terms of the confidentiality agreement prohibit each of EA and Take-Two from, among other things, publicly disclosing the status or terms of any discussions or negotiations between EA and Take-Two unless EA or Take-Two notifies the other that it is terminating discussions. As a result, EA does not intend to make any further announcements regarding the status of any discussions or negotiations with Take-Two unless and until discussions between EA and Take-Two have been terminated or such parties have entered into a transaction. As previously disclosed, EA now requires due diligence to support any proposal to acquire Take-Two and there can be no assurance that any proposal, negotiations or transaction will result.

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