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Square Enix bid for Eidos gathers pace

Holding company secures backing from over 16 per cent of shareholders already

The bid from Square Enix to buy Eidos, detailed this morning, is gathering pace with the news that another of the shareholders has indicated that it will support the deal's completion.

Legal & General Investment Manager has notified in writing the SQEX holding company that it will vote in favour of the move, bringing its 3.38 per cent share into play.

According to a financial release from Eidos, that now means that the SQEX bid has received "total irrevocable undertakings in respect of 34,429,409 Eidos shares representing approximately 13.06 per cent of the existing issued share capital of Eidos, and a letter of intent for undertakings in respect of 8,919,628 Eidos shares representing approximately 3.38 per cent of the existing issued share capital of Eidos."

In total that means that Square Enix can count on support already from 16.44 per cent of the shareholders, with the matter to be put forward in due course at a company EGM.