Electronic Arts lowers the value of bid for Take Two

Video game publisher Electronic Arts has announced that they are now extending the deadline for their bid for the rival company Take-Two Interactive Software.

The company has also now lowered the value of their bid. The bid would now expire on May 16.

EA said that they extended the deadline to comply with a request made by the Federal Trade Commission.

The value of the deal is still worth around USD 2 billion.

EA said that they made the offer at the correct time as they wanted to put their marketing force behind the upcoming gaming title GTA 4. Take Two had responded by saying that the EA wanted to take advantage of their lower share value just before the launch of this hugely awaited title.