GROUP REJECTS BID
Copyright 2008 www.tombraiderchronicles.com
[ April 23rd 2008 ]
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.
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.
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.
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.
the Company is not pursuing discussions in relation
to this proposal and the proposed equity fundraising
remains the Company's priority at this time. "