SCi ENTERTAINMENT GROUP REJECTS BID
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[ April 23rd 2008 ]

SCi Entertainment Group, owner of Eidos plc, has announced it will not persue an approach by an unnamed third party for a considerable stake in the company. Although SCi does not identify the source of the offer, recent press reports have speculated NBC Universal as likely suitor.

"In light of recent speculation, the Board of SCi Entertainment Group plc ('SCi' or the 'Company') confirms that it has recently received an indicative proposal from a third party relating to a possible offer for the Company at a significant premium to the Company's current share price.

"The proposal offered mostly equity consideration but the third party would have assumed responsibility for the Company's funding requirements. In common with other indicative proposals received by the Company over the last six months, none of which has led to a firm offer being made for the Company, this proposal was expressed to be subject to conditions, including significant due diligence.

"The Board considers, amongst other things, that the proposal does not represent sufficient value and that, given the Group's significant short- to medium-term funding requirements, the pursuit of an uncertain takeover proposal with consequent delay and risks to the Company's proposed issuance of new equity to fund the execution of its revised strategic plan would not be in the best interests of the Company or its shareholders.

"Accordingly the Company is not pursuing discussions in relation to this proposal and the proposed equity fundraising remains the Company's priority at this time. "