Eidos announced that they will accept a $120 million takeover deal from Square Enix to be acquired. Square Enix is best known for their Final Fantasy series of games. After the last Lara Croft game did not meet expectations, it was forced to renegotiate bank loans. Eidos is based in Britan and Square Enix is based in Japan.
Two of Eidos’ major stakeholders Insight Investment Management and Cazenove Capital management agreed to the deal. Time Warner also owns a 20% stake in Eidos. Time Warner must accept the deal or make a counter-bid in order for the deal to go through. The $120 million deal amounts to about 32 pence a share. This is more than twice what Eidos’ current shares are worth.