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SCi LAUNCHES RIVAL
BID FOR EIDOS
Copyright 2005 www.tombraiderchronicles.com
[ March 22nd 2005 ]
SCi Entertainment
Group PLC has launched a rival all share offer
for Eidos PLC at 53 pence per share, valuing the
company at about GBP 76.1 million. As we reported
last week, SCi has been carrying out due diligence
with analysts speculating a formal offer for Eidos
would be made this week. The SCi offer counters
one made by HM Holding (Elevation Partners) overnight
and values Eidos approx. 5 million higher.
SCi Chief
Exec Jane Cavanagh confirmed the offer a few moments
ago. "I can confirm today that SCi Entertainment
Group has announced intention to make a share
for share bid offer to acquire British publisher
Eidos PLC. Eidos has an excellent portfolio of
successful titles and has been at the very forefront
of the games industry, but it is no secret that
the company has experienced turbulent times in
recent years."
Overnight,
Elevation Partners tendered a successful bid for
beleaguered firm Eidos. U.S. private equity group
Elevation Partners - which includes U2 singer
Bono and former Electronic Arts president John
Riccitiello - offered 50 pence for each Eidos
share for the whole of the issued and to be issued
share capital of Eidos. The bid values Eidos at
approximately GBP 71.0 million.
Elevation
Partners describes itself as a newly formed private
equity firm that makes large-scale investments
in market-leading media, entertainment, and consumer-related
businesses. Elevation’s focus is on intellectual
property businesses where it can partner with
management to enhance growth and profitability
through a combination of strategic capital and
operational insight.
SCi Entertainment
Group describes itself as one of the UK’s leading
publishers of computer games, with a valuable
portfolio of intellectual property and a year
on year track record of both profitable growth
and chart success.
Eidos
bolsters an arsenal of leading IPs including the
phenomenally successful Tomb Raider franchise,
now under the charge of acclaimed Soul Reaver
creators Crystal Dynamics, the Hitman series,
developed by IO Interactive, and Championship
Manager, now under the aegis of Beautiful Game
Studio. The bidding war betwen the two giants
brings to an end months of speculation on the
future of Eidos, its employees and shareholders.
Eidos
has yet to decide which offer to accept.
* SCi
data from AFX.
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