The offer, which had expired last Friday, values the video game publisher at over $2 billion.  EA has been pushing to take over the firm for months, and Take-Two previously insisted that the company wait until GTA IV hit the streets.

Take-Two CEO Strauss Zelnick can only shake his head at the deal.  He says that when the board originally received the offer back in March, they “unanimously determined to be inadequate and contrary to the best interests of Take-Two’s stockholders.”

The company isn’t closed-minded on selling, says Zelnick. “The Board is committed to maximizing stockholder value and is exploring all strategic alternatives to do so. We said we were willing to begin formal discussions with interested parties on April 30th, following the launch of Grand Theft Auto IV, and we have in fact begun that process.”

The huge success of Grand Theft Auto IV, and a new Bioshock movie deal with Universal are raising the profile, and price, of Take-Two.  If EA hopes to acquire the company, they may have to raise their bid or make some adjustments to their strategy.

Electronic Arts has been attempting to acquire Take-Two for some time, but the firm is determined to hold out until they release Grand Theft Auto IV in a month. Take-Two says they will revalue their stock options after the game is released.

The company says it will discuss “strategic alternatives” and “business combination” options with interested parties.