ELEVATION WARNS AGAINST SCi BID
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[ March 31st 2005 ]

Elevation 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.

John 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.

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.

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