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[ April 18th 2005 ]

Elevation Partners, the company at the center of a bidding war for beleaguered Tomb Raider publisher Eidos plc, has agreed an extension to post its offer document for Eidos, despite the computer games publisher's board withdrawing support for the bid, www.sharecast.com is reporting this morning.

Eidos had originally recommended a deal put forth by Elevation Partners to the tune of 70 million UK pounds, but changed allegiances to SCi after ordinary shareholders threatened to oust the board. In a statement released on April 7, the board announced that it unanimously recommended to Eidos shareholders that they accept the SCi Offer, which valued the company at 76 million UK pounds.

Shares in 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, helmed by U2 rock star Bono and armed with a 500 million UK pound war chest. 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.

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