Mergers and Acquistions News
Categories: Media & Information Services
February 13th 2009, 16:00PM
Eidos, the UK-based games developer, has accepted a takeover approach from Japanese firm Square Enix, in a deal worth £84.3 million.
The British firm became susceptible to an acquisition after disappointing US sales of the latest instalment of its flagship title, Tomb Raider.
Square Enix's offer was recommended by Eidos management and offers a price of 32p a share to stockholders.
The Japanese firm's president Yoichi Wada says the takeover is all part of his business' "aggressive expansion" into the European market.
Commenting on the deal, Tim Ryan, chairman of Eidos, states: "The acquisition of Eidos will complement Square Enix's expansion into Western markets and offers mutually beneficial opportunities for the combined group.
"The board believes that this offer is in the best interests of the shareholders."
With headquarters in Tokyo, Square Enix is responsible for some of Japan's biggest video game titles, including the Final Fantasy series which has sold 68 million units worldwide. 
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