It seems like fishes still aren't biting in the fishing hole that is known as Take-Two Interactive. Despite giving the company an extension to its new tender offer to acquire Take Two, it seems that Electronic Arts still won't be getting their hands on the Grand Theft Auto creators any time soon.

After receiving the newly revised offer, Take Two chairman Strauss Zelnick criticized EA's actions saying it was once again undervaluing their company. During the recent stockholders meeting, the board of directors unanimously determined that the offer was "inadequate and contrary to the best interests of Take Two's stockholders".

EA has currently accumulated 6.4 million shares, roughly equivalent to around 8.3 percent shares. Due to the new lower offer forwarded by EA, the stockholders voted to award a further 1.5 million shares to ZelnickMedia instead.

Zelnick mentioned that despite the poor offer from EA, the board is determined to explore other strategic alternatives to help maximize stockholder value. There were even reports of other parties expressing interest in buying the company's shares, with formal discussions to begin following the launch of Grand Theft Auto 4 (Xbox 360, PlayStation 3).