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Court sanctions Square's Eidos takeover (CVG 22/4/09)

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Court sanctions Square's Eidos takeover (CVG 22/4/09)

A court has approved Japanese publisher Square Enix's takeover of British publisher Eidos, which is expected to become effective tomorrow morning.

The move will bring the Tomb Raider, Deus Ex and Hitman franchises under the same roof as the likes of Final Fantasy and Dragon Quest, and give the Japanese publisher a stronger foothold in the western market.

On February 12 the two parties announced that they had reached agreement on the terms of the acquisition, and in late March Eidos shareholders overwhelmingly approved the takeover, with over 85 percent of shareholders representing 99.93 percent of Eidos shares voting for the resolution.

"The Board of Eidos is pleased to announce that the Court sanctioned the Scheme at the Court Hearing held today and that it also confirmed the associated Capital Reduction at that hearing," said the company in a statement this afternoon.

"As previously announced, the Scheme is expected to become effective on 22 April 2009 following the delivery of the Court Order to the Registrar of Companies and the registration by him of such Court Order."

Dealings in Eidos shares on the London Stock Exchange were suspended at 5.00 p.m. (London time) and will be cancelled at 8.00 a.m. on April 23, 2009.

This evening at 6.00 p.m. (London time) Eidos shareholders received 32 pence in cash for each Eidos share held.


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