Sunday, April 03, 2005

Eidos board might get ousted

Telegraph was kind enough to notify of following: things are turning ugly at Eidos as shareholders are threatening to sack the whole board of the company less they manage to recommend owners to accept SCi’s offer. At the moment board is still on the side of Elevation Partners’ offer that stands 50 pence per share, however, the share is currently trading at 66p. Analysts believe that the Eidos board is giving more time for Elevation Partners to up the ante. That’s the spirit, bargain to the very end. Of curiosity, Eidos have to pay 700,000 pounds for Elevation Partners, if they break away and strike a deal with SCi.

I wonder, if that money is enough to cover all the expenses that Elevation Partners have made while preparing the deal? If yes, then they have their backs covered and they can take their time and evaluate current price level of Eidos.
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