The Rockstar parent has stated that it is 'looking forward' to convincing the megapublisher it is worth more than the $26-per-share bid.
If tonight's deadline passes without a deal, EA will enter into Take-Two's formal process to 'evaluate strategic alternatives'.
Take Two chairman Strauss Zelnick commented, "We welcome EA into our formal process and look forward to demonstrating to their Board the significant strides made by Take-Two since they last undertook a detailed review of our business in early 2007.
"Our Board remains unwavering in its belief that EA's unsolicited conditional tender offer of $25.74 per share was inadequate and undervalued Take-Two's world-class entertainment franchises and our strong operational and financial performance."
Take Two CEO Ben Feder added, "We are continuing to consider all alternatives that will maximize value to our stockholders.
"As part of that commitment, we are engaged in discussions with other parties as part of a formal process to generate greater value and will act quickly to assist EA in moving expeditiously through our process.
"In the meantime, we remain focused on executing on our business goals and creating value for stockholders and consumers of our products."
EA has made five separate bids for Take Two since its initial approach in February.