Video game publisher Electronic Arts on Sunday offered to buy rival Take-Two Interactive Software Inc, best known for its "Grand Theft Auto" title, for about $2.0 billion in cash. The $26-per-share offer by Electronic Arts, which publishes blockbuster games like "Madden" and "Need for Speed," represents a 50 percent premium to Take Two's closing stock price of $17.36 on Friday.

EA said that the board's subsequent rejection of the EA proposal prompted EA to release the letter and bring its proposal to the attention of all Take-Two shareholders.