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SCi Makes Rival Offer For Eidos

Following yesterday's news that venture capital firm Elevation Partners were likely to acquire U...
Following yesterday's news that venture capital firm Elevation Partners were likely to acquire UK-headquartered publisher Eidos Interactive, fellow English developer/publisher SCi, best known for games such as Carmageddon and the Conflict series of military games, has launched a rival bid, valued at 76.1 million pounds ($144.6 million). The company offered one of its shares for every six Eidos shares, a valuation of 53.6 pence per share, compared to the 50 pence a share cash offer from Elevation Partners, which includes former EA boss John Riccitiello and U2 singer Bono among its managers. According to financial news site Bloomberg, Schroders Plc, Eidos's biggest shareholder, owning 21 percent of the shares in company, supports the SCi bid, with fund manager Andy Brough commenting: "Hopefully cost savings will come through and the shareholders will benefit." SCi also hopes to raise 60.1 million pounds by selling new shares, and the company expects savings of around 14 million pounds ($26.6 million) in the first year after any prospective Eidos acquisition. However, with Eidos' previous statement regarding Elevation Partners' offer implying it was somewhat of a 'done deal', it's unclear whether the company will re-consider based on this marginally better offer. Eidos' only comment thus far is to state, via officially filed regulatory documents, that "a further announcement will be made in due course."

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