News
SCi rejects mystery buyout bid
Jonathon Harker Apr 23 2008, 9:55am
Comments (2)
UK publisher turns down takeover bid from unnamed party on the grounds it “does not represent sufficient value”
Eidos parent SCi Entertainment has turned down an acquisitive bid from an unknown would-be suitor.
In a statement on SCi’s website, the company said:
“The pursuit of an uncertain takeover proposal with consequent delay and risks to the Company's proposed issuance of new equity to fund the execution of its revised strategic plan would not be in the best interests of the Company or its shareholders.”
The offer is said to be one of many ‘indicative proposals’ received by the company over the last six months, none of which have been a ‘firm offer’.
The company says it is not entering into discussions with the prospective buyer at this time.
Industry rumours have pointed the finger at Time Warner, Ubisoft and NBC Universal as firms interested in a possible $100 million buyout in recent weeks.
Comments
“Um...”
Posted by: Mr Cynical - Apr 23, 10:41am
“The pursuit of an uncertain takeover proposal with consequent delay and risks to the Company's proposed issuance of new equity to fund the execution of its revised strategic plan would not be in the best interests of the Company or its shareholders.”
That's a long way of saying they don't have the cash to survive any due dilligence process...
“Re: Um...”
Posted: Apr 23, 3:01pm
value?