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Infogrames believes that the offer has the potential to be significantly value enhancing to both SCi’s and Infogrames shareholders,” says a statement from the company.
Infogrames also confirmed that it has sufficient resources to satisfy the cash element” of the offer and has secured commitments in relation to the potential working capital requirements of the enlarged group.” It also added that it is in a position to move quickly with any deal agreed.
The statement continues: Infogrames’ proposal is financially disciplined and recognises the strengths of both companies. Although the indicative offer is subject to standard conditions relating to due diligence, the receipt of irrevocable undertakings from certain SCi shareholders and the recommendation of the SCi Board, it is not subject to financing.
Whilst Infogrames has been considering a range of options, including but not limited to a potential merger with SCi, there can be no certainty that any offer will be made for SCi (whether or not the aforementioned conditions are satisfied or waived), or as to the terms on which any such offer may be made.”
The statement comes just a few days after SCi rejected a ‘mystery bid’ for its business – and following Warner upping its stake in the troubled publisher to 20 per cent.
