Electronic Arts have responded to yesterday's AGM shenanigans by cutting the value of their offer for the firm, presumably in a bid to persuade the publisher's shareholders.

The new bid is of 25.74 USD per share, down from EA's previous bid of 26 USD per share. The new offer apparently takes into account the additional shares to be issued following stockholder approval of an "incentive stock plan" at the meeting.

Take-Two's board have scoffed at the new offer, CEO Strauss Zelnick commenting: "The minuscule number of shares tendered, as well as the strong vote in favour of the proposals presented at our annual meeting, offer indisputable evidence that our stockholders regard our efforts to enhance Take-Two’s stockholder value as superior to the offer.

"This is the same highly conditional proposal that EA offered Take-Two stockholders on March 13, 2008, which our Board of Directors thoroughly reviewed and unanimously determined to be inadequate and contrary to the best interests of Take-Two’s stockholders.

"Take-Two’s Board of Directors has maintained from the beginning, and continues to believe, that EA’s proposal undervalues our Company. It undervalued the company at USD 26 per share, and it certainly undervalues Take-Two at $25.74."

More on this saga as we get it.

By Luke Guttridge