Electronic Arts has finally decided to let go of its ever-extended unsolicited $2 billion public offer for Take-Two Interactive. The original bid was announced and was due to expire in February this year, but several times Electronic Arts extended their deadlines to allow Take-Two more thinking time.

Take-Two has promised that it will provide EA its three-year product release schedule, financial projections and other nonpublic information which will show that the $2 billion Electronic Arts bid is too low, under the shroud of confidentiality agreements. Take-Two claims that EA's evaluation of the company dates back to early 2007.

Take-Two's Board of Directors thoroughly reviewed and unanimously determined the offer to be inadequate and contrary to the best interests of its stockholders. Take-Two Board Chairman Strauss Zelnick said earlier that he offer undervalues Take-Two, the holder of successful franchises such as “Grand Theft Auto”, “Civilization” and “Max Payne”.

On the other hand, Electronic Arts alleged that the value of the game company depreciates over 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.

Take-Two released Grand Theft Auto IV in April to stunning success. GTA IV’s launch is now officially the biggest event in the entertainment industry, surpassing last year’s release of Halo 3, which achieved $300 million in its first week of availability. Before the official launch of the game the analysts have predicted that GTA IV will sell five million copies in its first week and it will earn $400 million, but it seems that it sold 6 million units worldwide, which means $500 million.