Eidos confirms takeover approach

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Eidos confirms takeover approach

Postby Blín D'ñero » 16 Jan 2009, 04:39

Speculation centres on Time Warner, which holds a 20 per cent stake in the Tomb Raider game publisher, as a likely bidder

Susan Thompson

Eidos, the Tomb Raider game publisher formerly known as SCi Entertainment Group, confirmed it received a takeover approach after its shares soared 34 per cent.

Speculation tonight centred on Time Warner as a likely bidder. The media giant holds a 20 per cent stake in Eidos, having helped to bail out the company last year.

“Eidos emphasises that discussions are at a very early stage and that there can be no assurance that an offer will be forthcoming,” the company said in a statement.

Eidos cut its 2008 sales forecast on January 9 after its ’Tomb Raider: Underworld’ title performed below company expectations in the United States, and said it may need to talk to its banks over the terms of its loans.

The news sent the company’s shares, which had already lost 95 per cent of their value in the last two years, tumbling further and they touched a 10-year low of 8.02 p on Wednesday.

The shares rose 34 per cent in afternoon trade on Thursday to close at 12 p, valuing the group at £31.6 million.


Source timesonline
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