Eidos Board Approves SCi Buyout Offer Over Rival Bid from Elevation

Authored by Mark Hefflinger on April 7, 2005 - 3:20am.

London -- The board of directors of struggling U.K. video game publisher Eidos announced on Thursday that it has voted to accept a buyout offer from fellow U.K. publisher SCi Entertainment Group, rejecting a rival offer Elevation Partners, a venture capital firm whose principals include former Electronic Arts president John Riccitiello and U2 frontman Bono. About 41% of Eidos shareholders have already approved the SCi buyout, which will offer about $1.37 per Eidos share, as compared with Elevation's offer of $0.94 per share. About 41% of Eidos shareholders have already voiced their approval of the deal. Eidos said that it has recommended shareholders accept the SCi bid, despite the fact that Eidos is much larger than SCi, operating on a global scale, and may lose key employees as a result of the merger.
http://biz.yahoo.com/bw/050407/75292.html
http://www.gamesindustry.biz/content_page.php?aid=7861
http://www.theregister.co.uk/2005/04/07/eidos_backs_sci
http://www.eidos.com
http://www.sci-group.com