Electronic Arts, the computer and video games developer, made an unsolicited $2 billion public offer to Take-Two Interactive on Sunday, after multiple private offers have been rejected by Take-Two, which is responsible for Grand Theft Auto videogame.

On February 15, EA made a $25 per share offer to Take-Two, and raised it to $26 one week later, a 50 percent premium over Take-Two’s average share price on Friday. However, EA’s offer has not been seen with good eyes by Take-Two, which is expected to make an impact on the game market in 2008 with Grand Theft Auto.

“Right now, Take-Two’s future is uncertain. Take-Two’s creative teams make fantastic games and the company has gotten some good interim support from a group of new corporate leaders. But Take-Two is facing a host of threats and – with or without combination with EA – we believe there is a strong likelihood that the company will be sold in the not-too-distant future,” EA stated in a press release.

The bid seems to have come in a rather awkward moment, as Take-Two has managed to sell over 65 million copies since Grand Theft Auto made a statement in the game industry seven years ago. At the same time, EA, known for its franchises Need for Speed or The Sims, is said to be a bit out of hand these days, considering its rivals are doing better than ever. The proposal follows Activision’s acquisition Vivendi SA, which will further consolidate games like Guitar Hero or World of Warcraft on the market.

“Electronics Arts’ proposal provides insufficient value to our shareholders and comes at absolutely the wrong time,” Take-Two Executive Chairman of the Board Strauss Zelnick said in a statement. “In addition to undervaluing key elements of our business, EA’s proposal fails to recognize the value we are building through our ongoing turnaround efforts, which will further revitalize Take-two.”