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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Eidos | LSE:EID | London | Ordinary Share | GB0007641797 | ORD 5P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 31.75 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:7515K Eidos PLC 07 April 2005 For Immediate Release > 7 April 2005 > Eidos plc > Offer Update : Unanimous recommendation of SCi Offer Further to the announcement made on 1 April 2005, the Board of Eidos plc ("the Board") has undertaken further discussions and due diligence with both the Board of SCi Entertainment Group plc ("SCi") in relation to SCi's share offer of one SCi share per six Eidos shares (the "SCi Offer") and Elevation Partners, L.P. ("Elevation") in relation to Elevation's cash offer of 50 pence per Eidos share (the "Elevation Offer"). In the light of the recent movement in the SCi share price, and in the absence of an increased cash offer from Elevation, the Board recognises that whilst there are certain key risks for Eidos shareholders in accepting the SCi Offer (as described more fully below) the current implied value of the SCi Offer of 72.8 pence per Eidos share based on the closing price of SCi shares on 6 April 2005 represents a significant premium to Elevation's Offer. The Board has also noted the level of support for the SCi Offer evidenced by shareholders representing approximately 41 per cent. of Eidos' share capital who have irrevocably committed to accept the SCi Offer. Taking these factors into consideration, the Board, who has been so advised by UBS Investment Bank ("UBS"), 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. In providing advice to the Board, UBS has taken into account the commercial assessments of the Board. As referred to above, the Board and UBS consider that Eidos shareholders, in assessing whether or not to accept the SCi offer, should have regard to a number of key issues which will need to be addressed by the Board of SCi, including: * the requirement for scale to compete effectively in the computer games industry - on the basis that the combination of Eidos and SCi will not result in a significantly larger business; * the successful integration of the Eidos and SCi businesses - recognising that Eidos is much larger than SCi, operates internationally and pursues a different approach to the development of its games; and * the retention and motivation of key employees of the Eidos business. Shareholders who do not wish to be exposed to such risks, or the potential volatility in the SCi share price (especially in the light of SCi's recent strong share price performance), may wish to consider selling their shares for cash in the market. As a consequence of the foregoing the Board has withdrawn its earlier recommendation of the Elevation Offer. The Directors of Eidos accept responsibility for the information contained in this announcement save that the only responsibility accepted by them in respect of information relating to SCi and the SCi Offer (which has been compiled from public sources) is to ensure that such information has been correctly and fairly reproduced and presented. Subject as aforesaid, to the best of the knowledge and belief of the Directors of Eidos (who have taken all reasonable care to ensure that such is the case), the information contained in this announcement for which they accept responsibility is in accordance with the facts and does not omit anything likely to affect the import of such information. UBS Investment Bank is acting exclusively for Eidos plc and no-one else in connection with this transaction and will not be responsible to anyone other than Eidos plc for providing the protections afforded to its clients or for providing advice in relation to the transaction, or the contents of this announcement Contact: Eidos plc +44 (0) 20 8636 3000 John van Kuffeler, Chairman Mike McGarvey, CEO Brunswick (UK) +44 (0) 20 7404 5959 Jonathan Glass Wendel Verbeek Brunswick (NY) +1 212 333 3810 Nina Devlin UBS Investment Bank +44 (0) 20 7567 8000 (financial adviser to Eidos) Adrian Haxby Benjamin Robertson This information is provided by RNS The company news service from the London Stock Exchange END OUPUBURRVNRSRAR
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