Take Two has responded to EA’s latest bid extension by re-affirming its belief that the deal “still significantly undervalues Take-Two” and that “the proposal is contrary to the best interests of Take-Two stockholders.”

In a response issued just minutes after EA extended its offer deadline to July 18th, chairman of the Board at Take Two Strauss Zelnick said:

“The latest extension of EA's unsolicited, highly conditional tender offer does not alter the fact that their proposal still significantly undervalues Take-Two, a fact that is reflected in the overwhelming number of stockholders who still have not tendered their shares.”

“Our Board of Directors remains in unanimous agreement that the proposal is contrary to the best interests of Take-Two stockholders, and the Board continues to recommend that stockholders not tender their shares to EA. The Board remains focused on the strategic process that began formally on April 30 to consider all alternatives to maximize value.”

“We believe that these alternatives, which may include a business combination or remaining independent, will deliver greater value to stockholders than the current EA offer.”

Take Two chief executive officer Ben Feder added: “Take-Two's vast potential to create and enhance stockholder value has become even more evident in recent weeks, with the runaway success of Grand Theft Auto IV, a product pipeline that is one of the strongest and most creative in our history, and continued operational and financial progress.”

“We believe that any alternative we consider must fully reflect the value we are creating and capture that value for the benefit of our stockholders.”