The bid values Take-Two at twice its current stock market quotation and has been under discussion for months.
Electronic Arts went public with the offer on 24 February so that it could appeal directly to shareholders.
"There can be no certainty that in the future EA or any other buyer would pay the same high premium we are offering today," EA chief executive John Riccitiello said in a letter published on 24 February.
However it took just a day for Take-Two's board to strike back with a damning critique of the bid.
"The board has determined that EA's proposal substantially undervalues Take-Two's robust and enviable stable of game franchises, exceptional creative talent and strong consumer loyalty," said Take-Two chairman Strauss Zelnick.
"We believe EA's unsolicited offer is highly opportunistic and is attempting to take advantage of our upcoming release of Grand Theft Auto IV, one of the most valuable and durable franchises in the industry.
"Furthermore, the offer values the company at a significant discount to its public peers and does not compensate Take-Two for its intrinsic value and the substantial synergies that the proposed combination would create."
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