Take-Two Interactive has formally rejected a $2bn acquisition offer from Electronic Arts.
The game development company issued a statement today declaring EA's offer to be "inadequate in multiple respects and contrary to the best interests of Take-Two's stockholders".
EA made the bid earlier this month, offering shareholders $26 per share. Take-Two's board of directors and a panel of advisors took nine days to unanimously reject the offer.
Take-Two did not entirely rule out making another deal with EA, however, or agreeing to a different acquisition offer.
The company said that it would look at alternatives which "may include a business combination with third parties or with EA, remaining independent, or other strategic or financial alternatives".
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