Square Enix Makes Offer To Eidos

12 Feb 2009 at 13:47:02 by Andy Alderson

Japanese publisher Square Enix has confirmed it has made an offer to Eidos to purchase its entire issued share capital.

The deal, estimated to be worth around £84.3 million GBP, would see Square Enix take control of Eidos' portfolio of IPs including Tomb Raider, Kane & Lynch, Thief, Hitman and Deus Ex.

The Eidos directors apparently "intend to unanimously recommend" to their shareholders that the deal go ahead, and a Scheme Document containing more details about the offer can be expected in early March.

"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", said Square Enix president and representative director Yoichi Wada.

"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."

"We believe that this cash offer provides Eidos Shareholders with an attractive price and certainty in today’s challenging market backdrop and economic outlook", added Eidos chairman, Tim Ryan.

"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."

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