ELEVATION AGREES
EIDOS EXTENSION
Copyright 2005 www.tombraiderchronicles.com
[ 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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