Deadline passes in EA bid to buy Take-Two Interactive shares

A deadline for Take-Two Interactive Software shareholders to agree to a buyout by video game giant Electronic Arts has passed with neither firm commenting on the takeover bid's fate.

EA took its two-billion-dollar offer directly to Take-Two shareholders after the board of directors rejected the bid, saying it undervalues the company behind blockbuster video games including the hot "Grand Theft Auto" franchise.

EA set Friday as the expiration date for its offer to buy shares of Take-Two stock for 26 dollars each. Take-Two shares were priced slightly above that amount in after-hours trading.

"There is nothing going on right now," Take-Two spokeswoman Meg Maise said when asked about the status of the bid Friday afternoon. "It is in (EA's) court."