Take-Two to Shareholders: Hold Off

Take-Two Interactive Software Inc., the publisher of "Grand Theft Auto" and other video games, told shareholders Thursday to take no immediate action in response to a hostile $2 billion tender offer from rival Electronic Arts Inc.

The company said its board will review and consider the $26-per-share cash tender offer and advise stockholders within 10 business days of whether it is in favor of the deal.

The tender offer, which is not contingent on financing, is set to expire at midnight April 11, unless extended. Take-Two's annual shareholders' meeting is expected to take place April 10.

Take-Two rejected an offer from Electronic Arts late last month. The company said it was open to talks with Electronic Arts but wanted to wait until April 30, the day after the latest version of Grand Theft Auto hits stores.

Thursday's bid takes the offer directly to Take-Two shareholders.

Take-Two shares jumped 54 cents to $25.45 in morning trading. Electronic Arts shares lost 71 cents to $46.52.