Take Two executive chairman Strauss Zelnick has stated the the success of the industry will see further publisher consolodation this year.

However, Zelnick, who this week turned down a $1.9 billion bid for the publisher from EA, added that it is still possible for Take Two to remain independent.

“I see consolidation occurring,” he told Variety writer Ben Fritz.

“There are two times when consolidation typically occurs: When an industry is growing rapidly or declining. We're growing and so I do believe we'll see continues consolidation. But we are a very strong company. This isn't about majors vs. independents. Take-Two is hardly a boutique firm.”

Zelnick also further clarified Take Two’s reasons for dismissing EA’s bid – calling the offer “woefully inadequate”.

“The timing is out of our control now that it's in the public eye, but the fact remains that the value is woefully inadequate,” he commented.

“Of course, as a public company one has an obligation to talk to legitimate interested parties at any time, but one the offer goes public, the tenor changes.

"We've seen what is on the table and we have already rejected it. There's not much else for us to do right now but listen to our shareholders and the market.”