Eidos Still Hasn’t Found What it’s Looking For…

Unless you’ve been living under a tree stump for the past six months, you’ll be aware that leading UK publisher Eidos is being sold off, with something of a love triangle between Elevation, SCi and the Tomb Raider publisher making the headlines on an almost daily basis.

It was thought that Eidos shareholders had plumped for SCi’s offer, though activities on the markets in recent days look to have derailed a possible deal, with Elevation - co-founded by U2 frontman Bono - expected to be invited back to the negotiating table.

Friday saw a 9p drop in SCi’s per-share value, seeing the firm’s share-driven bid for Eidos slump to 47p, 3p less than the 50p originally promised. The SCi bid is now worth £70m, compared with £103m when the offer was made only a month ago.

This means that as SCi continues to struggle, Eidos is likely to begin looking for a new suitor for its stable of IP, with the deal from Elevation now looking more tempting than ever. It is thought that Eidos shareholders will freeze all sale activities and invite the US-based collective back to the table whilst at the same time inviting other offers from as-yet undisclosed interested third-parties.

We’ll keep you updated with the progress of all this as it happens.