ELEVATION PARTNERS DITCHES EIDOS
Copyright 2005 www.tombraiderchronicles.com

[ April 22nd 2005 ]

Elevation Partners, the U.S. private equity group helmed by Irish rock star Bono, has today formally withdrawn its bid for beleaguered publisher Eidos plc, yielding to British publisher SCi Entertainment to carry the baton. "The directors of EM Holding note the strong support from Eidos' shareholders that the SCi offer has received," today's statement commented, "and would like to wish Eidos and its stakeholders well under the proposed stewardship of SCi."

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.