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Barry
Mr. Do It All
Mar 25, 2005, 4:51 AM
Post #1 of 1
(665 views)
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Eidos For Sale, Bid War Begins
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A bid battle for British video games group Eidos Plc erupted on Tuesday after SCI Entertainment trumped an earlier agreed takeover of Eidos with a 76 million pound ($144 million) counter offer.
Eidos shares surged some 25 percent on the bid that topped one by U.S. private equity company Elevation Partners LP, which counts U2 rock star Bono among its partners.
SCI, which publishes software games, said it was offering one of its shares for every six shares in Eidos, best known for its "Tomb Raider" games featuring Lara Croft. Its bid is backed by top Eidos shareholder Schroders.
Shares in SCI, which is raising around 60 million pounds in a placing and open offer to help fund its bid, were up 1.6 percent at 326-1/2 pence. The placing and open offer are fully underwritten by KBC Peel Hunt and priced at 300p a share.
Elevation Partners declined to comment on the SCI offer, while Eidos officials were not immediately available. Eidos has recently racked up losses amid poor sales of computer games and delays to new ones.
SCI said acquiring Eidos would be earnings enhancing in the first full year of ownership. SCI Chief Executive Jane Cavanagh said Eidos's recent financial woes had "not done justice" to the strength of its brand name.
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