Should it go through, the purchase of Take-Two may bring the Redwood City, Calif.-based EA a new stable of hit franchises, millions in revenue from sales of the upcoming Grand Theft Auto IV -- set for release on April 29 -- and access to one of the most talented development houses in the industry, Rockstar Games.

But Take-Two's controversial games, its mercurial talent and the company's financial troubles could become much more than expected for EA to handle.

EA has offered $26 a share, or a 64% premium over Take-Two's closing stock price on Feb. 15, the last trading day before it sent a revised proposal to Take-Two. Though generous, Take-Two's board has rejected the offer, saying it undervalues the company.

Shares of EA closed up 79 cents, or 1.6%, $49.74 Friday. Take-Two closed up 35 cents, or 2.1%, to $17.36 and soared more than 40% in premarket trading Monday.

EA's bid for Take-Two comes about two months before the release of Grand Theft Auto IV, expected to be the best-selling game of the year. But EA may be taking on more than it has bargained for. Despite the recent sleeper hit, a first-person shooter game Bioshock, Take-Two has no other big blockbusters in its pipeline.

Also, the corporate cultures at EA and Take-Two couldn't be more different.

EA has built a business based on its ability to churn out a steady stream of hits across many different genres, including action, sports and casual games. Compare that with Take-Two, whose financial stability rests on the success of one single blockbuster franchise: Grand Theft Auto.

And despite its public promises of respecting its games developers' creativity, EA has always released its titles with an eye on profitability and has stayed away from even a whiff of controversy that could hurt sales or the company's image, leading to charges that its games are too staid.

Meanwhile, Take-Two's development team has created some of the most debated and exciting games in recent years.

Take-Two's Grand Theft Auto franchise, despite a commercial success, has generated considerable outrage for its violent content and even earned the ire of Sen. Hillary Clinton, D-N.Y., for its graphic content. The Grand Theft Auto: San Andreas game released in 2004 had a hidden modification that allowed simulated sexual interaction among the game's characters. Take-Two had to pull the game from shelves and re-release it after changes.

Another of Take-Two's recent games, Manhunt 2, was denied certification last year by British authorities for its purportedly violent content. The question then is can EA stomach Take-Two, its baggage and the controversies that it brings with it.

With the buyout, EA also has another challenge on its hands -- convincing Rockstar Games' key creative talent, especially the media-shy Houser brothers, to stay on.

Sam and Dan Houser founded Rockstar in 1998 and if the merger goes through it is likely the duo will take off.

Without the talent that makes Take-Two what it is, EA's purchase of the company will be hollow.

As the recent Activision (ATVI - commentary - Cramer's Take)-Vivendi games deal shows, the video games industry is clearly going through a phase of consolidation, and Take-Two is a prime buyout target. But for EA shareholders, it could become a purchase that will lead to buyer's remorse.