NEWS - Friday, April 8, 2005
Eidos Recommends SCi BidEidos Backs SCi Bid April 7, 2005 - The drama over which entity would eventually take hold of Eidos Interactive and its many properties is rapidly coming to an end. Today, Eidos announced that its own board has unanimously recommended the SCi bid to its shareholders. This story began when Elevation Partners first announced that it had made a 50 pence per share bid for Eidos -- a bid that was later countered by SCi, which offered 73 pence per share. Since then Eidos has kept relatively quiet, until Elevations own John Riccitiello publicly attacked the SCi bid, accusing the company of being too inexperienced in large scale publisher management. Shortly following that statement (which included no counter offer) Eidos board unanimously endorsed the SCi bid. It would seem Elevations own initial offer and accusations ultimately meant very little when stacked against oodles of cash. Pending shareholder approval, Eidos will become a part of SCi. The official statement reads, "The Board, who has been so advised by UBS Investment Bank, its financial adviser, consider that the terms of the SCi Offer are fair and reasonable. Accordingly, the Board unanimously recommends to Eidos shareholders that they accept the SCi Offer."