Page last updated at 09:35 GMT, Sunday, 18 May 2008 10:35 UK

EA deadline on Take-Two passes

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GTA IV has been selling fast

A deadline set by US video game giant Electronic Arts for shareholders in Take-Two Interactive Software to accept a $1.9bn(968m) offer has passed.

EA revealed its unsolicited $25.74 a share move for Take-Two, the owner of Grand Theft Auto, back in February.

EA took the offer directly to Take-Two shareholders after its board rejected the bid as undervaluing the company.

Neither firm commented after Friday's midnight deadline, set by EA as the expiration for acceptance of its offer.

'Few more dollars'

Take-Two's board had refused to discuss a takeover with EA before the 29 April launch of "Grand Theft Auto IV."

Take-Two saw its stock close at $27.10 on the Nasdaq, down 0.8% but 5.2% above the $25.74 per share offered by EA.

"The market's probably suggesting that EA should come up with a few more dollars and that may be a likely a scenario," said Colin Sebastian, an analyst with Lazard Capital Markets.

"It doesn't seem like shareholders would tender at $25.74 if the stock is trading at $27."

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