Take-Two Interactive Software (TTWO: sentiment, chart, options) has offered its response to this morning's revised and extended tender offer from Electronic Arts (ERTS), and let's just say the video-game company is hardly swooning.

TTWO Chairman Strauss Zelnick stated, "Take-Two's board of directors has maintained from the beginning, and continues to believe, that Electronic Arts' proposal undervalues our company." He added, "It undervalued the company at $26 per share, and it certainly undervalues Take-Two at $25.74." Additionally, Zelnick stated, "the strong vote in favor 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 EA offer."

And, as if only to make ERTS jealous, TTWO assured its suitor that it has received expressions of interest from "a number of interested parties."

Meanwhile, let's see how Wall Street is voting with its dollars: ERTS is up 2.3% at last check, while TTWO is perched on a gain of less than 1%.