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Warner Bros backs Square-Eidos bid

Mon 16 Feb 2009 8:26am GMT / 3:26am EST / 12:26am PST
BusinessPublishing

US media giant agrees to put its 20% holding behind the acquisition offer

Media giant Warner Bros, a 20 per cent stakeholder in Eidos, has agreed to put its share of the votes behind the Square Enix bid, according to a new release today by holding company SQEX.

Warner, which holds over 52.5 million shares in the UK publisher, now boosts the total number of shares behind the acquisition to around 96 million - including those covered by a letter of intent - which represents over 36 per cent of the issued share capital.

Warner does have the right, however, to change its mind if it, or another part of Time Warner, posts a higher offer, or if a third party posts a recommended higher offer, although that's likely to be a formality given the premium that Square Enix is offering.

Eidos shares were trading at 32.25 pence when trading opened on Monday.

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