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Grand Theft Auto (GTA) maker Take-Two has rejected Electronic Arts' (EA) $2 billion (£1.02 billion) takeover offer.

The New York-based game developer said EA's unsolicited bid was "highly opportunistic" and designed to take advantage of the impending release of GTA IV.

Controversial carjacking adventure GTA IV is expected to break sales records when it is released on April 29th.

A statement from Take-Two said the offer from the Californian game giant was "inadequate in multiple respects and not in the best interests of Take-Two's stockholders".

EA chief executive John Riccitiello had recently gone public with details of the offer, unveiled in a letter to Take-Two executive chairman Strauss Zelnick last week.

Mr Riccitiello insisted the $26 per share (£13.2) offer represented a 64 per cent premium on Take-Two's February 15th closing price.

"Our all-cash proposal is a unique opportunity for Take-Two shareholders to realise immediate value at a substantial premium, while creating long-term value for EA shareholders," he said.

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

But explaining Take-Two's rejection, Mr Zelnick argued: "Electronic Arts' proposal provides insufficient value to our shareholders and comes at absolutely the wrong time given the crucial initiatives underway at the company.

"In addition to undervaluing key elements of our business, EA's proposal fails to recognise the value we are building through our ongoing turnaround efforts, which will further revitalise Take-Two."

EA's advances towards Take-Two follow Activision's $18 billion (£9.2 billion) merger with World of Warcraft developer Vivendi Games.