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SOLD! EIDOS ACCEPTS ELEVATION OFFER
Copyright 2005 www.tombraiderchronicles.com

[ March 23rd 2005 ]

London publisher Eidos has announced it has accepted an all-cash offer from Elevation Partners - a private equity group helmed by U2 singer Bono and former Electronic Arts president John Riccitiello - to the tune of GBP 71.0 million, thus rejecting a second all-share offer from SCi Entertainment Group which valued the company at GBP 76.1 million.

In a statement released a few moments ago, Eidos said: "The Directors of EM Holding and Eidos announce that they have reached agreement on the terms of a recommended cash offer of 50 pence (approximately $0.96) for each Eidos Share and each Eidos ADS (each Eidos ADS representing 1 Eidos Share) for the whole of the issued and to be issued share capital of Eidos (the “Offer”). This values the whole of the issued share capital of Eidos at approximately £71.0 million (approximately $136.3 million). "

"The Directors of Eidos, who have been so advised by UBS Investment Bank, financial adviser to Eidos, consider the terms of the Offer to be fair and reasonable and unanimously recommend that Eidos Shareholders and holders of Eidos ADSs vote in favour of the resolutions to be proposed at the Court Meeting, as they have irrevocably undertaken to do with respect to their own beneficial holdings of Eidos Shares. In providing advice to the Directors of Eidos, UBS Investment Bank has taken into account the commercial assessments of the Directors of Eidos."

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. Elevation

Partners include: Fred Anderson (former EVP and CFO of Apple Computers), Marc Bodnick (founder of Silver Lake Partners), Roger McNamee (founder of Silver Lake Partners and Integral Capital Partners), Bret Pearlman (former Senior Managing Director of The Blackstone Group), John Riccitiello (former President and COO of Electronic Arts) and Bono (lead singer and co-founder of U2).

The decision to accept the offer from Elevation Partners brings to an end months of speculation on the future of Eidos, its employees and shareholders.

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