Eidos Updates Take-Over News News
Jon Wilcox
04/04/2005
Eidos release an update on the latest take-over information...
In light of last weeks news that SCi have secured the backing of several Eidos shareholders including investment firm Merrill Lynch, Eidos has today released an update of the current situation. In the statement, the Board at Eidos are said to have, ââ¦undertaken discussions with both parties [SCi and Elevation Partners] in relation to their respective offers. These discussions are ongoing as the Board continues to evaluate the merits of the certain value represented by the Elevation cash offer contrasted with the greater, but less certain, current value of the SCi paper offer.â
The statement follows on from last weekâs outburst by Elevation Partnersâ John Riccitello, which certainly seemed to convey the raised tensions between the two prospective camps.
In addition to Eidosâ statement, one of the take-over camps, SCi, have issued a release to the London Stock Exchange stating that it currently secured, â40,795,455 Eidos shares, representing approximately 28.73 per cent. Of the issued share capital of Eidos, will continue to be binding even if a higher offer is made for Eidos.â
It does seem that a decision is someway off for Eidos though as their statement suggests, âThe Board intends to await further clarification in relation to each offer and to take account of any further developments before recommending a final course of action which will be communicated to shareholders in due course. In the meantime, shareholders are advised to take no action.â
Incidentally Eidos shares have bounced back from their low ebb a fortnight ago with the FTSE currently placing the shares at 70.00p â“ weâll have more news on Eidos shortly...