Eidos confirms new takeover approach

By Johnny Minkley
As part of a statement to the city, the firm revealed that an approach was made on March 2nd for a possible cash offer valued at 53p per share “subject to one principal condition”.

But while confirming that talks over a possible sale had been held, chairman John van Kuffeler urged caution: “There can be no assurance that this condition will be satisfied and no certainty that an offer will be made nor as to the terms on which any offer might be made.

“This disclosure has not been made with the consent of the other party concerned. Given the financial position and standalone prospects for the company, it is the board’s current intention to recommend this offer to shareholders if it is made.”

The embattled publisher revealed turnover was significantly lower than expectations due to a sparse release schedule. New instalments of key franchises including Hitman and Tomb Raider have also been pushed back into the next financial year.

The company did, however, reveal it was “pleased” with the performance of ShellShock: Nam ’67, which has achieved sales of 900,000 units.

“In the absence of a successful conclusion to the strategic review, the outlook for Eidos as an independent company remains challenging and the strategic decision to defer the release of certain titles to FY06 will have a significant impact on the expected results for the current financial year as a whole,” van Kuffeler said.

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