Last week you may remember EA extending another trade offer to Take-Two. EA reduced its previous offer of $26 per share of common stock to $25.74 per share in cash. Here is Take-Two response:

“This is the same highly conditional proposal that EA offered Take-Two stockholders on March 13th, 2008, which our board of directors thoroughly reviewed and unanimously determined to be inadequate and contrary to the best interests of Take-Two’s stockholders. Take-Two’s board of directors has maintained from the beginning, and continues to believe, that EA’s proposal undervalues our company. It undervalued the company at $26 per share, and it certainly undervalues Take-Two at $25.74.”

“EA’s highly conditional offer fails to compensate our stockholders for our exceptional portfolio of intellectual property, world-class creative resources, and our successful revitalization initiatives. The recommendation of our board of directors that stockholders not tender their shares to EA remains unchanged.”

“The Board is committed to maximizing stockholder value and continues to explore all strategic alternatives, including a business combination with third parties, remaining independent, or other strategic or financial alternatives. We have 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.”

“The board continues to believe that we will be best positioned, from the perspective of both value and timing, to move forward at that time. We are confident in the significant growth potential of Take-Two and in the unique value of our business given our strong position in this dynamic industry,” Zelnick concluded.