Square Enix Sets Sight on Eidos
02.13.09 - 2:29 AM
Square Enix has launched a bid to acquire Tomb Raider series publisher Eidos. The aim is to turn the ailing British company into a fully-owned subsidiary operating under the umbrella of Square Enix's European branch SQEX. Valued at 84.3 million British pound ($121.73 million USD), the bid has the support of Eidos' board of directors. The fate of Square Enix's newest take-over bid will be determined at a meeting of Eidos' shareholders set to be held until the end of March. 20% of Eidos shares are owned by Warner Bros Entertainment, even though Warner Bros is apparently obliged to agree to Square Enix's acquisition bid under an existing deal between Warner and Eidos.
Square Enix management led by president Youichi Wada aims to strengthen its position in the US and Europe with the deal. Wada has repeatedly stressed his company's interest in global merger and aquisitions (M&A) in the past. The makers of Final Fantasy and Dragon Quest acquired Taito in 2005, before launching an eventually unsuccessful take-over bid for Ninja Gaiden makers Tecmo last year.