Gamepolitics is reporting that Electronics Arts has extended their bid offer for Take-Two from midnight tonight until May 16th. They have also dropped the price offered per share of T2 stock, from $26 to $25.74. The bid was lowered in response to a gigantic compensation package awarded to Strauss Zelnick and the rest of the management team of T2 during last night's shareholders meeting.

From EA's press release:

EA continues to believe that the offer price is full and fair, and that a transaction between Take-Two and EA is the most compelling combination financially, strategically and operationally for all parties.

Seeing as how T2 considered a bid of $26 per share "inadequate", I can't see how their board will be any more swayed by a lower asking price. And there is now some dissention among the ranks as some T2 shareholders, unhappy with the board's decision to not sell, have filed suit against T2 management. It should be interesting to see how this whole thing shakes out between now and May 16th. 

Related Articles:

Federal Trade Commission Looking into EA/Take-Two Merger

Take Two to Webcast Shareholders Meeting

EA Proposes $2 Billion Acquisition Of Take Two