Eidos shareholders approve Square Enix buyout
Tomb Raider publisher easily secures majority of stock-owner approval for Japanese company's takeover bid.
Square Enix has cleared one of the final remaining hurdles in its buyout attempt of beleaguered UK-based publisher Eidos. The Tomb Raider maker announced today that its shareholders have voted in favor of the takeover. Although not a unanimous decision, shareholder yea-sayers achieved a comfortable majority, with 85.03 percent of voters approving the deal.
Square Enix's offer of £84.3 million ($120 million) was unanimously recommended to Eidos shareholders by the company's board of directors when the deal was first announced in mid-February. Broken down by share price, the offer amounts to 32 pence ($0.46) per share, which is more than triple the value of what Eidos' stock had been trading at before Square Enix's move.
With shareholder approval now secured, the next step in the process will occur on April 21, when all listing and dealing of Eidos shares will be suspended. The following day, Eidos will officially become a wholly owned subsidiary of Square Enix.