It looks like Electronic Arts will have to rethink the offer it forwarded to Take-Two Interactive on a possible company buyout. Take-Two rejected the US$ 2 billion offer from EA and mentioned that there still are other companies interesting in buying it.

While there have been no formal offers so far, Take-Two mentioned that EA has undervalued its offer in buying out the company and they it did not factor in the recent turnaround efforts Take-Two has been pushing lately.

A filing Take-Two issued with the Securities and Exchange Commission last Thursday stated that it "has not engaged in any substantive discussions with any party (including EA) with respect to a business combination".

The company refused to comment to shareholders any more past this statement regarding any possible merger discussions unless it is legally required to do so. Take-Two explained that it is still willing to open discussions with EA, but not until April 30, when Grand Theft Auto IV (for PlayStation 3 and Xbox 360) finally hits store shelves.