New York - Video game publisher Take-Two Interactive (NASD: TTWO) on Monday rebuffed Electronic Arts' (NASD: ERTS) fifth extension of its $2 billion offer to buy the company, which now will expire on Aug. 18. To this point, around 15% of Take-Two's shares have been voted in favor of the deal. Take-Two chairman Strauss Zelnick also noted that the company has been in talks with multiple other suitors.

"We are fully engaged in a formal process to evaluate strategic alternatives that have the potential to deliver greater value than EA's inadequate offer," said Zelnick.

"As part of this process, we continue to engage in meaningful discussions with multiple parties, a number of whom have been conducting due diligence."

Take-Two has said that EA's offer undervalues the company, and called the initial bid "opportunistic," in light of the impending launch of "Grand Theft Auto IV" at the time.

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