According to MCV, Japanese RPG developer Square Enix announced this morning that 45 percent of Eidos’ shareholders support their bid to acquire the British gaming development studio.
Square Enix confirms that Pioneer Investment Management, who controls 10 percent of Eidos, has joined Time Warner and other shareholders who are in favor of the acquisition. Time Warner, who owns 20 percent of Eidos, was previously considered to be one of the contenders to buy out the creators of critically acclaimed games like “Tomb Raider” and “Hitman”. However, Time Warner announced that they would instead be supporting Square Enix’s bid to buy Eidos for $120.0 million.
Earlier this week, Square Enix announced their intent to buy Eidos, causing many to speculate that the Japanese developer may be attempting to use Eidos’ portfolio of Intellectual Properties to strengthen their market presence. In August of 2008, Square Enix made a failed attempt to acquire a majority of shares in Japanese game developer Tecmo.
Over the last several months, Eidos has suffered a number of setbacks. The latest installment in the Tomb Raider franchise, Tomb Raider Underworld, sold below Eidos’ expectations, leading to the laying off of thirty employees across various departments.
With the support of 45 percent of Eidos’ shareholders, there is a very strong chance of Square Enix’s bid to be voted through. What this means for the future of both game development studios is still largely unknown. Eidos is still publishing Shellshock 2: Blood Trails later in February, but Square-Enix has recently announced that the highly anticipated release of Dragon Quest IX has been pushed back in Japan from March to July.
Eidos’ board will meet in March to vote on the possible acquisition.
Mark Fujii: I'm your typical college student who plays too much video games. I also work as an electronic sales associate, meaning I sell Ipods and violent video games to your children when not trying to sneak off and play Super Smash Bros while the boss isn't looking. Oh, and I'm totally awesome. True fact.
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Mark Fujii
I'm your typical college student who plays too much video games. I also work as an electronic sales associate, meaning I sell Ipods and violent video games to your children when not trying to sneak off and play Super Smash Bros while the boss isn't looking. Oh, and I'm totally awesome. True fact.