SCi ACQUIRES 26.3 PER CENT OF EIDOS
Copyright 2005 www.tombraiderchronicles.com

[ March 29th 2005 ]

SCi Entertainment Group, the company at the center of a bidding war with Elevation Partners for beleaguered Tomb Raider publisher Eidos plc, has secured a further 6,913,003 shares in the company after receiving an irrevocable undertaking from Merrill Lynch Investment Managers Ltd on behalf of shareholders, AFX is reporting. SCi fortified its position end of last week by scoring a 20% stake in Eidos courtesy of Investment group Schroder. SCi now controls 26.3 pct of Eidos.

Elevation Partners and SCi are both vying for Eidos, even though a statement issued on behalf of Eidos says the firm has already accepted an all-cash offer from Elevation Partners to the tune of 50 pence 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. This offer values Eidos at 71 million pounds. SCi met with Eidos management today to rally support from shareholders and to present its case for acquiring the company.