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EIDOS UNANIMOUSLY BACKS SCi OFFER
Copyright 2005 Eidos plc

[ April 7th 2005 ]

Further to the announcement made on 1 April 2005, the Board of Eidos plc has undertaken further discussions and due diligence with both the Board of SCi Entertainment Group plc in relation to SCi's share offer of one SCi share per six Eidos shares and Elevation Partners, L.P. in relation to Elevation's cash offer of 50 pence per Eidos share.

In the light of the recent movement in the SCi share price, and in the absence of an increased cash offer from Elevation, the Board recognises that whilst there are certain key risks for Eidos shareholders in accepting the SCi Offer (as described more fully below) the current implied value of the SCi Offer of 72.8 pence per Eidos share based on the closing price of SCi shares on 6 April 2005 represents a significant premium to Elevation's Offer.

The Board has also noted the level of support for the SCi Offer evidenced by shareholders representing approximately 41 per cent. of Eidos' share capital who have irrevocably committed to accept the SCi Offer.

Taking these factors into consideration, the Board, who has been so advised by UBS Investment Bank, its financial adviser, consider that the terms of the SCi Offer are fair and reasonable. Accordingly, the Board unanimously recommends to Eidos shareholders that they accept the SCi Offer. In providing advice to the Board, UBS has taken into account the commercial assessments of the Board.

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Copyright (c) 1996 - 2020 Square Enix Ltd.
Lara Croft and Tomb Raider are trademarks of Square Enix Ltd.
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