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Palm Shares Decline on Skepticism over Deal for Elevation

Authored by dmw on August 6, 2007 - 11:52am.

New York - Shares of Palm Inc. fell as much as 4.8 percent on Monday, as the tightening credit market fueled investor concerns about its previously announced plan to take on new debt as part of a private equity financing agreement, Reuters reported.

tags: Mobile | Elevation | Stocks | Palm | DMW100 |

Elevation Partners Invests $300 Million in Merger of BioWare, Pandemic Studios

Authored by Mark Hefflinger on November 3, 2005 - 3:39am.
Menlo Park, Calif. - Elevation Partners, a venture capital firm whose principals include U2's Bono and former Electronic Arts president John Riccitiello, announced on Thursday that it has invested $300 million into the merger of two independent game developers, BioWare and Pandemic Studios. The deal will create a new holding company, BioWare/Pandemic Studios, which will be jointly owned by the three companies and headed by Elevation Partners managing director John Riccitiello. Based in Los Angeles and Brisbane, Australia, Pandemic will continue to develop action/adventure titles like "Full Spectrum Warrior," "Star Wars Battlefront" and "Destroy All Humans," while Edmonton, Canada-based BioWare will maintain focus on roleplaying titles such as "Baldur's Gate" and "Neverwinter Nights." "Great video games don't roll off the assembly line -- they are an art form, as lovingly crafted as a film, musical score, or novel," said BioWare CEO Greg Zeschuk. "Fans are the real winners in this deal, because we will now have the resources and creative discretion to make the right decisions for our products." Immediate plans for the funds are to utilize them in the development of titles for next-generation game consoles.
tags: Pandemic | Merger | BioWare | Elevation |

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.
tags: SCI | Elevation | Eidos Board | Buyout Offer |

U.K. Games Firm Eidos Gets Offers From SCi Entertainment, Elevation Partners

Authored by Mark Hefflinger on March 22, 2005 - 9:42am.
London -- U.K. video game developer SCi Entertainment Group on Tuesday offered 53.6 pence per share, or about $145 million for Eidos, its troubled U.K. rival. Earlier on Tuesday, Eidos agreed to a $135.1 million takeover bid by Elevation Partners (EP), a U.S.-based venture capital firm that focuses on media, entertainment and consumer-oriented companies. EP's partners include John Riccitello, a former president of EA; Fred Anderson, the former CFO of Apple; and Bono, the lead singer of Irish rock band U2. With the news of SCi's rival bid, Eidos shares jumped by as much as 28% to 55 pence in afternoon trading on the London Stock Exchange, its largest gain in nearly five years. Eidos, which produces the popular "Lara Croft Tomb Raider" and "Championship Manager" franchises, has been shopping around for a buyer since last August, only two months after revealing that full-year figures would not meet expectations.
tags: Deals | U.K | Elevation | Games Firm Eidos | SCi Entertainment |