EA extends Take-Two offer deadline

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Electronic Arts has said that it would extend their hostile takeover of rival Take-Two by one month. The $2 billion offer expired on May 16 before the deadline.

EA launched an unsolicited bid for the "Grand Theft Auto IV" publisher on 25 February for a $26-per-share, which represents a 50% premium on it’s closing price on 22 February. The extended deadline will see EA’s offer expire on June 16.

Take-Two rejected the bid, saying it undervalues the company.