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Square acquisition of Eidos picks up speed

By Matt Martin

Tue 24 Feb 2009 11:20am GMT / 6:20am EST / 3:20am PST

Japanese publisher buys more shares as stakeholder support grows

Square Enix has bought a significant number of shares in Eidos as its acquisition of the Tomb Raider publisher gathers pace.

Insight Investment Management and Pioneer Investment Management have sold approximately 11.13 per cent of the issued share capital to Square Enix, at the price of 32 pence per share.

Pioneer had already backed the acquisition deal, as has Warner Bros. and Legal & General Investment Manager.

According to Square Enix, it now has "irrevocable undertakings to vote in favour of the resolutions to be proposed at the Court Meeting and the EGM in respect of, in aggregate 84,947,489 Eidos Shares representing 32.23 per cent of the existing share capital of Eidos."

Square revealed the Eidos offer earlier this month, with the publisher hoping to increase its presence in the West.

Valuable Eidos properties include Tomb Raider, Hitman and Kane & Lynch: Dead Men.

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