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Infogrames Confirms Rejected SCi Buyout Offer
by Brandon Boyer
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April 28, 2008
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Following recent rumors that an unnamed company was in talks to acquire Eidos parent company SCi, Infogrames has confirmed it had made a bid for the company, but saw its initial offer declined.
SCi also recently confirmed that it had rejected an offer, but still neglected to name the interested party. Shortly thereafter, the company announced that it would see a significant investment from Warner Bros.
In a new release, Infogrames confirmed that it had "presented the SCi Board with a detailed indicative offer for SCi that the Infogrames Board believes has the potential to be significantly value enhancing to both SCi's and Infogrames' shareholders."
The board of directors at SCi, though, "declined, at this stage, to entertain Infogrames' offer." The company goes on to say that it is "financially disciplined and recognises the strengths of both companies."
The company also noted that it "has sufficient resources to satisfy the cash element of its indicative offer and has secured commitments in relation to the potential working capital requirements of the enlarged group," and adds that "Importantly, Infogrames is in a position to move expeditiously with its proposal."
"Whilst Infogrames has been considering a range of options," the company concluded, "including but not limited to a potential merger with SCi, there can be no certainty that any offer will be made for SCi (whether or not the aforementioned conditions are satisfied or waived), or as to the terms on which any such offer may be made."
Following the appointment of new CEO David Gardner, and the recent hiring of ex-Sony stalwart Phil Harrison, Infogrames has also made a bid to buy all remaining shares of its U.S. Atari division, a move still under evaluation by Atari financial advisor Duff & Phelps, LLC.
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