Electronic Arts, the computer and video games developer, has extended its unsolicited $2 billion public offer for Take-Two Interactive to May 16. The previous deadline was today.

"This is the same highly conditional proposal that EA offered Take-Two stockholders on March 13, 2008, which our Board of Directors thoroughly reviewed and unanimously determined to be inadequate and contrary to the best interests of Take-Two's stockholders," said Take-Two Board Chairman Strauss Zelnick, thus formally dismissing the offer.

Strauss Zelnick previously said that the offer undervalues Take-Two, the holder of successful franchises such as “Grand Theft Auto”, “Civilization” and “Max Payne”.

"As far as we are concerned, the value of this company depreciates over time," a spokesman for Electronic Arts, Jeff Brown, said to NY Times. He added to the publication that further delays "work to erode the value and certainty of this offer."

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. Furthermore, the publisher said that the long-awaited GTA IV has gone gold. The game, which already is the most expected game of the year, is slated for an April 29 release date. It is expected by Variety to gain not only the title of the best debut in videogames industry, but also the title of “the biggest debut ever for an entertainment product” bringing in $400 million during its first week on the market.

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.