Take-Two has refused an offer by Electronic Arts to acquire the troubled publisher for $2 billion, GamesIndustry.biz reports.

Although Take-Two [GTA publisher] has rejected the cash offer, EA has decided to keep the offer open. The offer is a 63% stake on Take-Two’s closing price over the previous 30 days, and a 64% premium over Take-Two’s closing price on 15th February, the last trading day before EA sent its revised proposal to Take-Two.

EA sent a letter of proposal to Take-Two on 19th February, which has been rejected by the board of directors and executive chairman Strauss Zelnick.

“Take-Two’s game designers would also benefit from EA’s financial resources, stable, game-focused management team, and strong global publishing capabilities.”