The Sturm und Drang has given way to a chess match: Electronic Arts (NSDQ: ERTS) has updated the terms of its hostile, tender offer, two days after Take-Two rejected it, adopted a poison pill and changed the date of its shareholder meeting. That meeting was pushed back a week, from April 10 to April 17, so Electronic Arts has moved the deadline of its offer from April 11 to April 18. And in response to the poison pill—which would cause dilution to the acquirer - Electronic Arts says it will only proceed if the poison pill is somehow invalidated or recanted by the board. Its only direct statement on the process: “The actions of the Take-Two Board may increase the risk for their stockholders by delaying a potential transaction… We continue to believe that our $26.00 per share offer price is full and fair, and that a transaction between Take-Two and EA is the most compelling combination financially, strategically and operationally for all parties.” The company also noted that so far approximately 5,000 shares have been tendered. Release.

Also, in a related filing, EA says it will reduce its offer price from $26 to $25.74, if an amendment is approved to increase its Take-Two’s total shares and offer investor Zelnick Media an extra 1.5 million shares. It says the reduced price would counterbalance the increased float.

• Take-Two Rejects EA Again As Inadequate; Adopts Poison Pill Plan While Exploring Alternatives