Electronic Arts Won't Extend Take-Two Offer

August 18, 2008 12:38 p.m. EST

Los Angeles, CA (AHN) - Video game publisher Electronic Arts and rival Take-Two Interactive Software said Monday they will begin formal talks about a $2 billion offer to buy the maker of the "Grand Theft Auto" franchise.

The news comes as EA says the offer will expire at 11:59 p.m. Eastern Monday. EA said Monday it now believes it would not be able to integrate Take-Two into its company in time for the lucrative holiday buying season. The game maker also said it will review its present offer.

The months-long takeover attempt by EA has been marked by five extended deadlines.