Feeds

Eidos board backs SCi bid

Unanimous recommendation

  • alert
  • submit to reddit

The next step in data security

The board of troubled UK games publisher Eidos has recommended the company's shareholders accept the bid launched on 22 March by rival publisher SCi. The board had previously backed an offer from investment group Elevation Partners.

"The board, who has been so advised by UBS Investment Bank, its financial advisor, consider that the terms of the SCi offer are fair and reasonable," the company said in a statement issued today. "Accordingly, the board unanimously recommends to Eidos shareholders that they accept the SCi offer."

SCi's bid, which offers one new share for every six Eidos shares held, works out at 73 pence a share - rather more than the 50 pence cash offer made by venture capital firm Elevation Partners' two weeks ago.

Until today, Eidos' board had been recommending Elevation's offer, much to the consternation of certain shareholders who preferred the SCi offer. Earlier this week, mumbles could be heard of a shareholder rebellion seeking to oust the apparently irksome executives.

Eidos board members had already said they were considering SCi's offer, and are believed to have been waiting on a retabled bid from Elevation before providing fresh guidance to shareholders.

While the Eidos board waited, SCi has been drumming up support among institutional shareholders. It now has the backing of the owners of 41 per cent of Eidos. Elevation may yet come back with an alternative offer.

Eidos acknowledged the existence of risks associated with the SCi offer, and invited any shareholder unhappy with those risks to sell their shares on the open market. ®

Related stories

Eidos board under fire over Elevation bid bias
Eidos bidder wins second major backer
SCi launches bid for Eidos
Bono to buy Eidos
Eidos plunges into red
Eidos confirms takeover talks

Security for virtualized datacentres

More from The Register

next story
Phones 4u slips into administration after EE cuts ties with Brit mobe retailer
More than 5,500 jobs could be axed if rescue mission fails
JINGS! Microsoft Bing called Scots indyref RIGHT!
Redmond sporran metrics get one in the ten ring
Driving with an Apple Watch could land you with a £100 FINE
Bad news for tech-addicted fanbois behind the wheel
Phones 4u website DIES as wounded mobe retailer struggles to stay above water
Founder blames 'ruthless network partners' for implosion
Sony says year's losses will be FOUR TIMES DEEPER than thought
Losses of more than $2 BILLION loom over troubled Japanese corp
Radio hams can encrypt, in emergencies, says Ofcom
Consultation promises new spectrum and hints at relaxed licence conditions
Why Oracle CEO Larry Ellison had to go ... Except he hasn't
Silicon Valley's veteran seadog in piratical Putin impression
Big Content Australia just blew a big hole in its credibility
AHEDA's research on average content prices did not expose methodology, so appears less than rigourous
prev story

Whitepapers

Secure remote control for conventional and virtual desktops
Balancing user privacy and privileged access, in accordance with compliance frameworks and legislation. Evaluating any potential remote control choice.
WIN a very cool portable ZX Spectrum
Win a one-off portable Spectrum built by legendary hardware hacker Ben Heck
Storage capacity and performance optimization at Mizuno USA
Mizuno USA turn to Tegile storage technology to solve both their SAN and backup issues.
High Performance for All
While HPC is not new, it has traditionally been seen as a specialist area – is it now geared up to meet more mainstream requirements?
The next step in data security
With recent increased privacy concerns and computers becoming more powerful, the chance of hackers being able to crack smaller-sized RSA keys increases.