Feeds

Eidos board quits

SCi in charge

  • alert
  • submit to reddit

Top 5 reasons to deploy VMware with Tegile

Eidos's new owner, SCi, has put three of its senior executives on the British games publisher's board after all the previous incumbents quit this week.

Out went Eidos chairman John van Kuffeler, CEO Mike McGarvey, CFO Stuart Cruickshank, European MD Jonathan Kemp and Creative Director Ian Livingstone.

In come SCi CEO Jana Kavanagh, Commercial Director Bill Ennis and Finance Director Rob Murphy, who now constitute Eidos' board.

SCi's offer for Eidos became unconditional earlier this week, following a vote by SCi shareholders to allow SCI's chiefs to make good their offer to swap SCi shares for Eidos stock, and the agreement of a suitable majority of Eidos shareholders to accept the offer. In SCI's case that means raising a £60m through a new share issue in order to pay for the acquisition.

SCi denied claims that it plans to rid itself of senior Eidos staffers, though inevitably some people will have to go as the combined operation removes duplicated roles in order to cut costs.

Eidos put itself up for sale in August 2004, but a clear potential purchaser only emerged this past March when US-based investment house Elevation Partners made a cash offer for the company. SCi responded immediately with an alternative stock-swap deal. Eidos's board first gave Elevation the thumbs-up, but as the value of the SCi offer increased on rising share prices, it was forced to recommend the offer. On 25 April, Elevation pulled out. ®

Related stories

UK games industry must adapt or die
Bono ditches Lara Croft
Eidos board backs SCi bid
Eidos board under fire over Elevation bid bias
Eidos bidder wins second major backer
SCi launches bid for Eidos
Bono to buy Eidos

Beginner's guide to SSL certificates

More from The Register

next story
The 'fun-nification' of computer education – good idea?
Compulsory code schools, luvvies love it, but what about Maths and Physics?
Facebook, Apple: LADIES! Why not FREEZE your EGGS? It's on the company!
No biological clockwatching when you work in Silicon Valley
Lords take revenge on REVENGE PORN publishers
Jilted Johns and Jennies with busy fingers face two years inside
Happiness economics is bollocks. Oh, UK.gov just adopted it? Er ...
Opportunity doesn't knock; it costs us instead
Ex-US Navy fighter pilot MIT prof: Drones beat humans - I should know
'Missy' Cummings on UAVs, smartcars and dying from boredom
Yes, yes, Steve Jobs. Look what I'VE done for you lately – Tim Cook
New iPhone biz baron points to Apple's (his) greatest successes
Sysadmin with EBOLA? Gartner's issued advice to debug your biz
Start hoarding cleaning supplies, analyst firm says, and assume your team will scatter
Edward who? GCHQ boss dodges Snowden topic during last speech
UK spies would rather 'walk' than do 'mass surveillance'
Doctor Who's Flatline: Cool monsters, yes, but utterly limp subplots
We know what the Doctor does, stop going on about it already
prev story

Whitepapers

Forging a new future with identity relationship management
Learn about ForgeRock's next generation IRM platform and how it is designed to empower CEOS's and enterprises to engage with consumers.
Why and how to choose the right cloud vendor
The benefits of cloud-based storage in your processes. Eliminate onsite, disk-based backup and archiving in favor of cloud-based data protection.
Three 1TB solid state scorchers up for grabs
Big SSDs can be expensive but think big and think free because you could be the lucky winner of one of three 1TB Samsung SSD 840 EVO drives that we’re giving away worth over £300 apiece.
Reg Reader Research: SaaS based Email and Office Productivity Tools
Read this Reg reader report which provides advice and guidance for SMBs towards the use of SaaS based email and Office productivity tools.
Security for virtualized datacentres
Legacy security solutions are inefficient due to the architectural differences between physical and virtual environments.