Take-Two Interactive has said that just 8% of its shareholders were in favor of Electronic Arts'  $2 billion bid for the company, prompting EA to extend the deadline and slightly reduce its offer -- which Take-Two again rejected. "The minuscule number of shares tendered, as well as the strong vote in favor of the proposals presented at our annual meeting, offer indisputable evidence that our stockholders regard our efforts to enhance Take-Two's stockholder value as superior to the EA offer," Take-Two chairman Strauss Zelnick.

EA reduced its previous offer of $26 per share to $25.74 per share, in a reaction to Take-Two's issuance of 1.5 million new shares to ZelnickMedia.

"[EA's offer] undervalued the company at $26 per share, and it certainly undervalues Take-Two at $25.74," said Zelnick.

The Take-Two chairman also added that the company continues to be open to other offers, and has "received expressions of interest from a number of interested parties and look forward to beginning formal discussions following the launch of Grand Theft Auto IV."

Bloomberg said that he $26 a share bid, which had been set to expire at 11:59 p.m. tonight, was lowered to $25.74 because of the additional stock granted to management, Electronic Arts said today in a statement. The deal is still valued at $2 billion.

The offer extension pushes the bid past the April 29 release of "Grand Theft Auto IV,'' the latest installment of Take-Two's top-selling franchise. Take-Two has said it won't negotiate until after the game hits stores and is urging shareholders to reject the takeover plan.

"Take-Two's board of directors has maintained from the beginning, and continues to believe, that EA's proposal vastly undervalues our company,'' Chairman Strauss Zelnick said in a statement today. "It undervalued the company at $26 per share, and it certainly undervalues Take-Two at $25.74.''

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