New York - Video game publisher Take-Two Interactive (NASD: TTWO) said on Thursday that just 8% of its shareholders were in favor of Electronic Arts' (NASD: ERTS) $2 billion bid for the company, prompting EA to extend the deadline and slightly reduce its offer -- which Take-Two again rejected. "The minuscule number of shares tendered, as well as the strong vote in favor of the proposals presented at our annual meeting, offer indisputable evidence that our stockholders regard our efforts to enhance Take-Two's stockholder value as superior to the EA offer," Take-Two chairman Strauss Zelnick.

EA reduced its previous offer of $26 per share to $25.74 per share, in a reaction to Take-Two's issuance of 1.5 million new shares to ZelnickMedia.

"[EA's offer] undervalued the company at $26 per share, and it certainly undervalues Take-Two at $25.74," said Zelnick.

The Take-Two chairman also added that the company continues to be open to other offers, and has "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."

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