EA extends Take-Two buyout offer by one month

Not deterred by Take-Two's consistent stance against the merger, EA has extended the expiration of the takeover deal by one month.

The company first made moves at Take-Two in March, when it offered to buy the game maker for about $2 billion. Take-Two said this undervalued its assets, and rejected the offer. EA pressed on, extending the expiration once before in April.

It is not immediately clear either whether the deal would be able to pass regulatory scrutiny. The Federal Trade Commission made a second request for information on the merger, likely due to the fact that the combined company would have about 50 percent control of the sports gaming market.

According to a statement by EA, that investigation is still continuing. Take-Two said that while it was not completely ruling out a sale, EA's offer was "inadequate and contrary to the best interests" of the company's shareholders.

In fact, the company did confirm it was in formal talks to sell its assets.

"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," Take-Two CEO Ben Feder said in a statement.

Take-Two shareholders are still being urged to reject the deal put forth by EA. At $25.74 per share, it does undervalue the company, whose stock has not traded below $26 for several weeks.