"Our offer price remains unchanged at USD 25.74 per share, which is a substantial premium to where Take-Two's stock was trading prior to our offer," Owen Mahoney, senior VP of EA corporate development had initially said in a statement. "We congratulate Rockstar on the successful launch of Grand Theft Auto IV but believe our offer reflects a full and fair price based on the long-term value of Take-Two's entire operation." Which led Strauss Zelnick, chairman of Take-Two, to respond: "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. "Our board of directors remains in unanimous agreement that the proposal is contrary to the best interests of Take-Two stockholders, and the board continues to recommend that stockholders not tender their shares to EA.