Take-Two Interactive has sent word that Electronic Arts has once again extended its buyout offer in light of the unsatisfactory number of company shares that were tendered by the previous deadline. This makes it the fifth time that EA has extended its deadline for the parent company of the studio that developed Grand Theft Auto 4 (Xbox 360, PS3).

EA further indicates that only 11,741,339 of T2's outstanding shares were tendered by the previous deadline, which accounts for roughly 15 percent of the latter company's shares by last July 18. In line with this announcement, T2 chairman Strauss Zelnick states that the company's board was committed to maintaining its stockholder value, and that they continued to recommend that their stockholders not give in to EA's offer.

"We are fully engaged in a formal process to evaluate strategic alternatives that have the potential to deliver greater value than EA's inadequate offer," Zelnick said. Take-Two CEO Ben Feder also added his own two cents regarding this matter:

In February, Take-Two s board rejected EA s offer as inadequate. Since then, the record-shattering release of Grand Theft Auto IV, the exciting announcement of a BioShock movie, and our ability to deliver financial results exceeding expectations have further demonstrated that our value-creation potential is greater than EA s offer.

According to GamesIndustry, EA's current offer is expected to expire by this August 18. In the mean time, Take-Two also has a site that explains the details regarding their ongoing row with Electronic Arts. You can access it via the source link below, though you'll also want to visit again in case we receive any updates regarding this news.