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[ April 4th 2005 ]

Shares in computer games publisher Eidos have soared on the London Stock Market as the battle for acquisition intensifies between SCi Entertainment Group and private U.S. equity group Elevation Partners. Ordinary shares closed up 8.92% to 73.25p pushing Eidos' market capital above 100 million pounds for the first time this year. The company is currently evaluating an all-share offer tendered by SCi against an all-cash offer from Elevation Partners which values the publisher at 76 million pounds and 71 million pounds respectively.

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. SCi are expected to cull numerous management posts if it succeeds in acquiring Eidos, whereas Elevation Partners says existing management will remain in place.

In a statement released on Friday, Eidos said: "The Board had undertaken discussions with both parties in relation to their respective offers. These discussions are ongoing as the Board continues to evaluate the merits of the certain value represented by the Elevation cash offer contrasted with the greater, but less certain, current value of the SCi paper offer."

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