The board of Take-Two Interactive Software, whose Grand Theft Auto is among the most popular and enduring videogame franchises, is seeking some room to maneuver after Electronic Arts went public over the weekend with a $2 billion buyout offer.

In a statement released Sunday, Take-Two said the $26 per share cash offer "substantially undervalues" the company's game franchises and is timed to catch the company at a vulnerable time, shortly before its scheduled April 30 release of the latest version of its marquee title, Grand Theft Auto IV.

In Monday morning trading, shares of Electronic Arts fell $1.62, or 3.3 percent, to $48.12, while Take-Two jumped $8.54, or 49.2 percent, to $25.90.

The moves come after a behind-the-scenes courtship by EA that stretches back about a year and a continuing trend toward consolidation in an industry where Activision, publisher of Guitar Hero, is in the process of merging with Vivendi's videogame division.

In recent years, New York City-based Take-Two has grappled with internal issues, including U.S. Securities and Exchange Commission charges that it stuffed its sales channels to artificially inflate revenue. Last year, Ryan Brant, a former chairman and chief executive, pleaded guilty related to backdating stock options.

Electronic Arts, maker of the Madden NFL games, said the $26 per share offer amounted to a 63 percent premium over Take-Two's average share price in the 30 trading days before February 15.

In a letter to Mr. Zelnick dated February 19, John Riccitiello, chief executive of Electronic Arts, said the company was bumping up its offer from $25 per share to $26 per share subject to Take-Two agreeing to begin merger talks by February 22.

In a separate statement, EA declined to comment on whether it would shutter any Take-Two units or franchises, including 2K Sports, which makes baseball-, basketball- and hockey-themed games.