Redwood City, Calif. -- Electronic Arts (EA), the Redwood City-based developer and publisher of video games, on Wednesday extended its $2 billion takeover bid for New York-based Take-Two Interactive Software until July 18. The tender offer of $25.74 a share was previously set to expire at midnight Monday. So far, less than 8% of Take-Two's shares have been tendered. Take-Two's management, which has repeatedly rejected the offer, reiterated that stance on Tuesday. "The latest extension of EA’s unsolicited, highly conditional tender offer does not alter the fact that their proposal still significantly undervalues Take-Two, a fact that is reflected in the overwhelming number of stockholders who still have not tendered their shares," said Strauss Zelnick, the company's chairman. Take-Two recently launched the latest version of its blockbuster "Grand Theft Auto" franchise, and already has sold more than 8.5 million copies. "We congratulate Rockstar on the successful launch of GTA IV, but believe our offer reflects a full and fair price based on the long-term value of Take-Two's entire operation," said Owen Mahoney, EA's senior vice president of corporate development.