AGAINST SCi BID
Copyright 2005 www.tombraiderchronicles.com
[ March 31st 2005 ]
Partners, the company at the center of a bidding
war with SCi Entertainment Group for beleaguered
Tomb Raider publisher Eidos plc, has issued a
stark warning to Eidos shareholders claiming the
all-share offer put forward by SCi carries a substantial
share price risk, AFX
reports this evening.
Riccitiello, a director of Elevation Partner's
vehicle EM Holding, said: "Eidos shareholders
should not underestimate the demands of, and risk
involved with, combining Eidos with SCi. While
SCi is a successful company, it has little experience
of integrating larger businesses, of running a
major international video games company or in
managing significant intellectual properties.
By contrast, EM Holding's cash offer provides
certainty for Eidos shareholders," he said.
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.