It's not often we get to see a corporate catfight happen in the video game industry. At least, not as big as the one currently happening between Electronic Arts and Take-Two Interactive. Here's the latest in the takeover drama.

If you remember, T2 recently rejected EA's US$ 26 per share offer (amounting to US$ 2 billion) saying that the amount undervalues the company and the value of their games. EA recently replied to this rejection by amending their offer.

The amendment includes an extension of the deadline of their offer by a week. T2 has until April 18 to accept the offer. They also gave the following amendments:

1. That Take-Two's Board of Directors redeem the preferred stock purchase rights issued as a result of Take-Two's adoption on March 24, 2008 of the stockholder rights plan
2. Or, that EA be satisfied that such rights have been invalidated or are otherwise inapplicable to its acquisition of Take-Two.

Adding to these conditions, EA's Senior VP of Corporate Development Owen Mahoney gave the following response to T2:

The actions of the Take-Two Board may increase the risk for their stockholders by delaying a potential transaction. We continue to believe that our US$ 26 per share offer price is full and fair.

What happens once the deadline expires and T2 chooses to maintain its current stance? If analyst Michael Pachter's predictions are anything to go by, EA may opt to wait until after Grand Theft Auto 4 comes out, then give T2 a lower offer.

However, this is only one out of many things that can happen. We'll have to wait and see what T2 will decide to do. We'll keep you posted on updates.