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Square Enix Makes $117 Million Bid For Eidos
Square Enix Makes $117 Million Bid For Eidos
February 12, 2009 | By Leigh Alexander

February 12, 2009 | By Leigh Alexander
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Square Enix has made an offer to buy UK-based Eidos Interactive, launching a £84.3 million ($117 million) bid for the Tomb Raider publisher.

"Eidos has a strong portfolio of established franchises, with highly talented employees," says Eidos CEO Phil Rogers. "Square Enix recognizes this and sees Eidos as both complementary to their business as well as a valuable brand within video games."

Reports of acquisition talks have swirled around Eidos for years. Atari owner Infogrames bid for the publisher last year, and Eidos has also been linked to Electronic Arts and Ubisoft. Most recently, existing stakeholder Time Warner looked quite likely to become the publisher's ultimate owner in increments.

But Time Warner, which owns 20 percent of Eidos, is contractually obligated to allow the deal unless it were to make an offer of its own. It must accept the recommendation Eidos' Board of Directors plans to make to its shareholders that they take the deal. The Board will convene for the recommendation in March.

Eidos' share value has seen a steady decline in recent years as the company's debts slowly mounted. Most recently, the company posted lackluster sales of Underworld, the latest title in its seminal Tomb Raider franchise, and reduced its profit outlook for the year.

As for Square Enix, the powerful Japanese Final Fantasy and Dragon Quest house has been in strong suit of Western footholds over the past year or so as it confronts declining market share for Japanese-developed games in the Western market.

"Eidos' products are highly complementary to our business and will accelerate our aggressive expansion into Western markets," says Square Enix president Yoichi Wada.

"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."


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Comments


Casey Sheldon
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Tomb Fantasy Tactics: Underworld?

Mike Lopez
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Even for an ailing publisher that seems like a steal when all the top developers have gone for multiple times that the past few years.

Geoffrey Mackey
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129% seems more than fair. Eidos is really desperate.



Just imagine the highly stylized CG intro for the new Tomb Raider. You won't get your airship until the fourth level however. :)

Alan Rimkeit
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Tomb Raider the RPG, coming to a console near you!

Eric Carr
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Other than the idea of mixing up franchises (although another true Legacy of Kain RPG would be cool) I'm curious about how that would function. Square-Enix is a Japanese Publisher and would have a Japanese mindset for making games, while Eidos a western one. If they do merge, I would hope the culture that emerges would be good for everybody involved.

Lo Pan
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If Eidos bites, wonder what happens to the UK operations. Japan would not maintain a US and UK presence.



But good for Eidos, I have a very soft spot for them in my heart.

Damoun Shabestari
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Tomb Raider RPG comments...not funny....quit trying to be

Damoun Shabestari
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I do agree with a new Legacy of Kain. That would be RAD

Yannick Boucher
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Yeah, it's a total steal. And I don't see why Japan wouldn't maintain a US and UK presence... Sony, Nintendo, Sega, all do it.... you mean in development ?

Tawna Evans
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Eidos and Square Enix have done business with each other in the past. Eidos helped make Dragon Warrior Monsters. It appears that executives of both companies are reconnecting with each other to achieve both of their goals.


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