Take-Two Interactive has formally rejected a $2bn acquisition offer from Electronic Arts.

The game development company issued a statement today declaring EA's offer to be "inadequate in multiple respects and contrary to the best interests of Take-Two's stockholders".

EA made the bid earlier this month, offering shareholders $26 per share. Take-Two's board of directors and a panel of advisors took nine days to unanimously reject the offer.

The deal would have given EA control over all of Take-Two's properties, including Rockstar Games, developer of the controversial Grand Theft Auto franchise. The fourth GTA game is due on 29 April.

Take-Two did not entirely rule out making another deal with EA, however, or agreeing to a different acquisition offer.

The company said that it would look at alternatives which "may include a business combination with third parties or with EA, remaining independent, or other strategic or financial alternatives".