“In the light of the recent movement in the SCi share price and in the absence of an increased cash offer from Elevation, the Board recognises that whilst there are certain key risks for Eidos shareholders in accepting the SCi offer, the current implied value of the SCi offer… represents a significant premium to Elevation’s offer,” noted an Eidos statement.
“Taking these factors into consideration, the Board, who has been advised by UBS Investment Bank, its financial adviser, considers that the terms of the SCi offer are fair and reasonable. Accordingly, the Board unanimously recommends to Eidos shareholders that they accept the SCi offer.”
SCi is offering one SCi share per six Eidos shares. The publisher’s closing share price yesterday was 72.8 pence. Elevation Partners has offered 50 pence per Eidos share.