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Games Firm Eidos

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 |