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Warner Backs Square Enix Bid For Eidos
by David Jenkins
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February 16, 2009
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Square Enix says it has received official support from majority Eidos Interactive stakeholder Time Warner on its bid for the Tomb Raider publisher, removing one of the major possible obstacles to the deal.
Eidos’ board of directors has already said it will advise shareholders to accept the £84.3 million ($117 million) bid for Eidos, revealed last week.
Not only does Time Warner own a 20 percent stake in Eidos, but it also appeared interested in making its own bid for the UK publisher -- before Square Enix's offer, Time Warner had been incrementally increasing its stake in the company, and had expressed an interest in further game business acquisitions.
Warner’s decision means that more than a third of Eidos’ shareholders have already indicated they are in favor of the deal, which will be formally put to the vote at a March meeting.
However, Square Enix points out that Time Warner has reserved the right to change its position if a higher offer is made by another party before the vote occurs, or if there is a bid from within Time Warner itself.
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