Eidos takeover

By Derek Sooman on
Eidos, the company responsible for virtual babe Lara Croft, is currently undergoing a takeover bid, masterminded by Ubisoft, a giant French games publisher.

Eidos has stunned shareholders this year by issuing three profits warnings in the last 12 months. Its weakened financial state has been all Ubisoft has needed to move in on the UK games label and take it over.

"The Eidos management, led by Mike McGarvey, the chief executive, is also believed to be considering a buyout and is looking for financial and private equity backers. Eidos has increasingly struggled to compete with its larger rivals and its key title for this year, Hitman: Contracts, has suffered poor retail sales on both sides of the Atlantic."

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