Electronic Arts extends Take-Two offer deadline

BOSTON (Reuters) - Electronic Arts Inc (ERTS.O: Quote, Profile, Research) said on Friday that it had extended its $2 billion hostile bid for Take-Two Interactive Software Inc (TTWO.O: Quote, Profile, Research) by one week, after the rival video game maker rejected its offer as too low.

Electronic Arts said it had moved the deadline for shareholders to tender Take-Two stock through its $26-per-share tender offer to April 18 from April 11.

It also demanded that Take-Two's board invalidate a provision of a poison pill plan invoked to prevent Electronic Arts from acquiring the company.

Earlier this week, Take-Two urged shareholders to reject the Electronic Arts bid and announced the poison pill, saying it was not ready to discuss any deal until after the release of its "Grand Theft Auto 4" title on April 29. The company said it would explore all of its options.

"The actions of the Take-Two board may increase the risk for their stockholders by delaying a potential transaction," Owen Mahoney, Electronic Arts senior vice president of corporate development, said in a statement.

Electronic Arts said that as of late Thursday, about 5,000 Take-Two shares had been tendered in its offer.

(Reporting by Jim Finkle; Editing by Lisa Von Ahn)