INVESTORS THREATEN
TO OUST BOARD
Copyright 2005 www.tombraiderchronicles.com
[ April 4th 2005 ]
Investors
in Eidos - the company behind the Tomb Raider
video game franchise currently the prey at the
center of a hunt between SCi and U.S. equity group
Elevation Partners - are threatening to oust the
company's board if it rejects a takeover bid in
favour of SCi Entertainment Group, Bloomberg.com
notes during morning roundup.
A stalemate
has ground proceedings to a halt with analysts
speculating Elevation Partners - helmed by Irish
rock star Bono and armed with a 500 million pound
war chest - will revise their initial offer for
beleaguered publisher Eidos to see off a rival
acquisition from SCi.
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.
Elevation's
all-cash offer values Eidos at 71 million pounds
against an all-share offer from SCi Entertainment
Group valuing Eidos at 76 million pounds. SCi
are expected to cull numerous management posts
if it succeeds with an acquisition of Eidos, whereas
Elevation Partners says existing management will
remain in place.
|