March 22, 2005 - Elevation Partners, the group on which Bono is a board member, appeared to have purchased the fledgling Eidos yesterday with a �71 million ($135.1m) offer, but now fellow Brit publisher SCi has issued a counter-offer of �76.1 million ($144m), effectively beginning a bidding war.

International investment banking and asset management group Schroders, the biggest single shareholder in Eidos, has backed SCi's bid, although word from Eidos itself is not yet forthcoming. Here's some quotage from SCi via MCV:

"Whilst Eidos' brands, studios and staff have significant potential, its continued financial problems appear to have resulted in rushed development cycles, missed deadlines and products that have not done justice to their brands.

"We are completely confident that the application of our successful business model across the Enlarged Group will significantly enhance shareholder value for both SCi and Eidos shareholders."

Update: Eidos has issued a brief statement regarding the new situation:

The Board of Eidos has noted today's announcement by SCi Entertainment Group Plc in relation to its proposed all share offer for the Company ("the Share Offer"). The Board will consider the Share Offer in the light of its other alternatives, including the recommended cash offer of 50 pence per share by EM Holding Corp., a company backed by Elevation Partners. A further announcement will be made in due course.