Redwood City, Calif. - The board of game developer Take-Two Interactive (NASD: TTWO) on Wednesday rejected a $2 billion unsolicited takeover bid from Electronic Arts (NASD: ERTS), calling the $26-a-share offer "inadequate in multiple respects" and "contrary to the best interests" of its stockholders." The board said that it will continue to explore other alternatives, including a possible combination with another company.

"The company has received indications of interest from third parties with respect to possible business combination transactions... but no substantive discussions have yet occurred," Take-Two said in a statement.

Take-Two also rejected a similar takeover offer from EA last month, calling it "highly opportunistic," given the company's pending release of "Grand Theft Auto IV."

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