They rejected a 2 billion dollar offer from EA a few years ago, and have had many good games since then (though I still passionately hate 2K Sports) so they should be even stronger. I say this is a myth. I hope it is a myth at least. Take Two has had a hand in Grand Theft Auto, Red Dead Redemption, The Elder Scrolls, and Mafia: games that put many years in between new installments, a practice that Activision seems firmly against.
I said in another thread that the only Activision game over the past five years or so that I even played was Prototype, which was no gem. If they put out so many games, and I don't like 99.9% of them then that doesn't bode well for them taking over franchises I love.