Square Enix is preparing to buy Eidos for $120 million. The bid to buy the company is valued at GBP $84.3 million and Eidos’ board of directors has already agreed to recommend the offer to shareholders as it’s worth 32 pence per share.
The agreement calls for the acquisition of Eidos by Square Enix holding company SQEX Ltd in a deal that Square hopes will “reinforce the Square Enix Group’s position as one of the world’s leaders in interactive entertainment with a broad portfolio of market leading franchises.”
“Eidos maintains a strong reputation for high quality development and proven expertise in creating characters and storylines that appeal to consumers. Eidos’ products are highly complementary to our business and will accelerate our aggressive expansion into Western markets.
“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.”
And Phil Rogers, CEO of Eidos, added: “Eidos has a strong portfolio of established franchises, with highly talented employees. Square Enix recognizes this and sees Eidos as both complementary to their business as well as a valuable brand within videogames.
“We are one year into our new strategy and believe that the prospects for the further development of our strategy and the business as a part of Square Enix would offer an exciting opportunity for the Eidos Group.”