Electronic Arts wants really bad to buy Take-Two. So bad, that they had even launched a $2 billion hostile offer, after last month Take-Two execs said that they are open to negotiate with Electronic Arts, but only after the release of “Grand Theft Auto 4”.

Electronic Arts’ offer expires at midnight on April 11 and it represents a 64% premium over Take-Two’s closing stock price on February 15, the last trading day before EA sent its revised proposal to Take-Two.

“This is a great opportunity for Take-Two shareholders. We believe Take-Two investors will see our tender offer as the best way to maximize the value of their investment in Take-Two. This tender offer provides a clear process to complete the proposed transaction” said EA Chief Executive Officer John Riccitiello.

Last month, Strauss Zelnick rejected the offer, saying that it undervalues Take-Two, the holder of successful franchises such as “Grand Theft Auto”, “Civilization” and “Max Payne”.

John Riccitiello said in an interview that Electronic Arts wants to complete the acquisition soon to capture holiday sales. “We're bringing it forward now in order to close this transaction sometime in the summer, as opposed to starting several weeks from now and finishing it later, and ultimately being in a position to pay less,'' Riccitiello said.

In response to EA’ announcement, the board of directors of Take-Two recommended that Take-Two stockholders take no action at this time.

Take-Two's board will review and consider EA's offer, and within 10 business days, will advise Take-Two's stockholders of the board's position regarding the offer as well as its reasons for that position.