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Sam Burke
25-04-05, 11:44
Elevation Partners, the venture capital group which includes Bono amongst its directors, has pulled out of the bidding for UK games publisher Eidos.

Elevation was bidding for Eidos through EM Holdings. In a statement the firm said it was withdrawing its cash offer of 50p per share. It also said it noted the strong support for rival bid from SCi. The statement said: "EM Holding note the strong support from Eidos's shareholders that the SCi offer has received and would like to wish Eidos and its stakeholders well under the proposed stewardship of SCi."

The departure of Elevation and Bono leaves the way clear for SCi to buy Eidos. SCi's offer of one share in the new firm for every six Eidos shares is supported by the Eidos board.

The takeover is expected to be approved by Eidos shareholders.

http://www.theregister.co.uk/2005/04/25/elevation_ditches_eidos/