View Full Version : SCi secures vote from 77pc of Eidos

tlr online
11-05-05, 09:53
Copyright 2005 www.tombraiderchronicles.com (http://www.tombraiderchronicles.com)

[ May 10th 2005 ]

SCi Entertainment Group, the British video-publisher locked in acquisition talks with rival Eidos plc, has announced it now has valid acceptances from 77.5pc of Eidos shareholders, according to AFX Financial News. If confirmed, this would rule out the likelihood of Elevation Partners being invited back to the bargaining table following a difficult market trading period for SCi.

A profit warning issued by Electronic Arts - the sector's weather bell - sent an aftershock through the industry late last week and wiped 34pc off SCi Entertainment Group's market capital. The decline valued SCi's all-share bid for Eidos at just 47p - less than the 50p per share which Elevation offered prior to winning the support from Eidos' Board.

SCi Entertainment Group is currently trading at 288.00p per share, with a reduced market capital of 81.97 million. Eidos is down 3pc to 47.50p per share, with a market capital of 67.60 million.

tlr online
11-05-05, 10:16
Copyright 2005 Eidos Press Release

[ May 11th 2005 ]

Further to the announcement on 22 March 2005 by SCi of its offer for all of the issued and to be issued share capital of Eidos, the board of SCi announces that as at 1.00 p.m. on 10 May 2005, being the First Closing Date, SCi had received valid acceptances of the Offer in respect of a total of 110,022,510 Eidos Shares representing approximately 77.5 per cent of the issued share capital of Eidos. The Offer has, therefore, become unconditional as to acceptances.

The Offer remains conditional, inter alia, on approval by SCi Shareholders at an extraordinary general meeting of SCi to be held at 11.00 a.m. on 13 May 2005 for this purpose. It is anticipated that Admission of the Offer Shares will become effective at 8.00 a.m. on 17 May 2005. The Offer will remain open for acceptance by Eidos Shareholders until 1.00 p.m. on Tuesday 24 May 2005.

As set out in the Offer Document, SCi received irrevocable undertakings to accept or procure the acceptance of the Offer in respect of 66,279,421 Eidos Shares, representing approximately 46.7 per cent. of the issued share capital of Eidos. Acceptances under the Offer have been received in respect of 63,902,521 of the Eidos Shares the subject of these undertakings.