Feeds

Eidos board quits

SCi in charge

  • alert
  • submit to reddit

Secure remote control for conventional and virtual desktops

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

Choosing a cloud hosting partner with confidence

More from The Register

next story
Facebook pays INFINITELY MORE UK corp tax than in 2012
Thanks for the £3k, Zuck. Doh! you're IN CREDIT. Guess not
Big Content outs piracy hotbeds: São Paulo, Beijing ... TORONTO?
MPAA calls Canadians a bunch of bootlegging movie thieves
Google Glassholes are UNDATEABLE – HP exec
You need an emotional connection, says touchy-feely MD... We can do that
YARR! Pirates walk the plank: DMCA magnets sink in Google results
Spaffing copyrighted stuff over the web? No search ranking for you
Just don't blame Bono! Apple iTunes music sales PLUMMET
Cupertino revenue hit by cheapo downloads, says report
Hungary's internet tax cannot be allowed to set a precedent, says EC
More protests planned against giga-tariff for Tuesday evening
US court SHUTS DOWN 'scammers posing as Microsoft, Facebook support staff'
Netizens allegedly duped into paying for bogus tech advice
Verizon bankrolls tech news site, bans tech's biggest stories
No agenda here. Just don't ever mention Net neutrality or spying, ok?
prev story

Whitepapers

Choosing cloud Backup services
Demystify how you can address your data protection needs in your small- to medium-sized business and select the best online backup service to meet your needs.
A strategic approach to identity relationship management
ForgeRock commissioned Forrester to evaluate companies’ IAM practices and requirements when it comes to customer-facing scenarios versus employee-facing ones.
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.
New hybrid storage solutions
Tackling data challenges through emerging hybrid storage solutions that enable optimum database performance whilst managing costs and increasingly large data stores.
Business security measures using SSL
Examines the major types of threats to information security that businesses face today and the techniques for mitigating those threats.