Electronic Arts today extended the deadline on its $2 billion offer for smaller rival Take-Two Interactive for a third time, though it did not raise the price as many had expected. Unsurprisingly, Take-Two is once again urging shareholders against tendering their shares, labeling the offer as unsuitable and one that undervalues the company.

Take-Two, however, did not completely rule out a sale. In fact, the company touted the lucrative GTA IV launch and the recently announced movie deal for its critically acclaimed "BioShock" game as proof that the company is worth more money than what EA is offering. Take-Two may have the upper hand here, and is putting pressure on the world's largest video game maker to up the ante.