
Offer made as deal predicted by MCV seemingly nears completion
It has been confirmed that Japanese publisher Square Enix has made a firm offer for Britsoft rival Eidos, estimated to be around £84mn – a total that represents a 129 per cent premium on Eidos’ current market value.
Square Enix believes that the acquisition represents “a highly attractive opportunity for the Square Enix group to create further value” for its shareholders.
The deal will see the likes of Tomb Raider and Kane & Lynch, two heavily westernised franchises, join Square Enix’s Japan-centric stable of properties such as Final Fantasy and Dragon Quest.
Though not yet approved, Eidos directors will be recommending that shareholders accept the offer.
Square Enix president Yoichi Wada said of the move: “Eidos is a talented developer and publisher of interactive entertainment products with a broad portfolio of highly successful mass market franchises, led by Tomb Raider, one of the most successful videogame franchises of all time.
“Eidos maintains a strong reputation for high quality development and proven expertise in creating characters and storylines that appeal to consumers. Eidos’ products are highly complementary to our business and will accelerate our aggressive expansion into Western markets. We believe that wide range of both companies’ quality products encompassing major genres will enable us to meet diversified customers’ expectations upon a global basis.”
Eidos chairman Tim Ryan added: “We believe that this cash offer provides Eidos Shareholders with an attractive price and certainty in today’s challenging market backdrop and economic outlook.
“The acquisition of Eidos will complement Square Enix’s expansion into Western markets and offers mutually beneficial opportunities for the combined group. The Board believes that this offer is in the best interests of the shareholders.”
Comments
Excellent news
I hope this goes through and they reverse the Eidos policy of not allowing anyone but buyers to have a release schedule. Eidos must spend thousands on trade marketing, but a publisher that treats its release schedule as a secret document obviously has an over inflated opinion of itself.
Not making release schedules available to, writers, magazines and others, not involved in the buying process, seems to be a small minded policy. As someone that is tasked with updating a few hundred indie's Epos systems I look forward to getting the information we need to keep the indies capable of competing with the nationals, able to run credible pre-order campaigns (Which they can only do it they know in advance what is on the schedule) and donating sales data for MCV's independents charts.
Take the money
Seems to me that shareholders would be crazy not to accept the offer. Although it's over 90% down from its peak 2 years ago, Eidos is in strategic and financial difficulties and this offer is 3x the share price only a month ago. Warner has had all the time in the world to consider an offer and hasn't made one, so although a counter-bid is possible, I'm not sure it's likely. Take the money.
More analysis at www.gamesbrief.com
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