SCi Rejects Tentative Acquisition Offer

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SCi Entertainment, parent of Eidos, confirmed that it received and rejected an offer to acquire the company.
SCi said "that it has recently received an indicative proposal from a third party relating to a possible offer for the company at a significant premium to the Company's current share price. The proposal offered mostly equity consideration but the third party would have assumed responsibility for the Company's funding requirements.... The Board considers... that the proposal does not represent sufficient value."

Restated, SCi's board feels that a stock offer for the company coupled with a promise to fund the business isn't good enough, and SCi plans to continue to explore selling more stock to acquire the funds it needs to fund short-term operations.

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This page contains a single entry by Editor published on April 23, 2008 1:02 AM.

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