Speaking on Take-Two’s recent decision to reject EA’s buyout offer of $26 per share, Wedbush Morgan Securities analyst Michael Pachter stated his belief that the company “made a mistake.”

Pachter believes that Take-Two was in a position to receive a more generous offer if they worked cooperatively with EA rather than issuing an outright rejection.

We believe that the company was positioned to extract a higher offer from EA by offering a friendly transaction, and its board chose to continue its adversarial posture. We do not mean to suggest that EA’s offer was intended as a friendly one, but note that it started out as such, and EA turned hostile only after its first two friendly offers were summarily rejected.

Pachter also said that Take-Two has “virtually no chance of finding a better offer,” remarking that it is unlikely that the company will be worth a value greater than EA’s $26 offer after the release of GTA IV.

Take Two has made a mistake [MCV]

Read more: Pachter: Take-Two Will Approach EA Before GTA IV Launch, Pachter Chimes In On EA’s Move To Acquire Take-Two, Square Enix Withdraws Tecmo Proposal, Itagaki Files Suit Against Tecmo, Announces Resignation, Pachter: Xbox 360 Price Cut “Imminent”