Eidos almost owned by SCi
The popular bid for Eidos from rival publisher SCi came a step closer to success today as it was revealed that the original offer for the firm from venture capitalists Elevation Partners has been withdrawn. Elevation's offer of 50p per Eidos share was originally backed by the board, left with little option in the face of dwindling finances, but an offer for the publisher from British house SCi has received the confidence of current shareholders. Said offer values Eidos somewhat more highly with shareholders getting one share in the new group for every six held in Eidos.
"The directors of EM Holding note the strong support from Eidos' shareholders that the SCi offer has received," read a statement today, "and would like to wish Eidos and its stakeholders well under the proposed stewardship of SCi." A couple of weeks ago Elevation were openly critical of the rival SCi bid, questioning the PLC's management skills and its ability to turn around the troubled company. SCi's bid should now be ratified by shareholders at a May 13th EGM. A major restructuring of the company is expected once the takeover is completed. We'll keep you posted, of course.