Time Warner supports Square Enix’s Eidos bid

February 16, 2009

Square Enix announced that large stakeholder Time Warner will conditionally support the Japanese publisher’s bid to buy U.K. publisher Eidos.

Last week, Square Enix surprised many by making an offer for Eidos estimated at approximately U.S. $120 million. Time Warner owns 20 percent of Eidos shares and would have to place a higher bid to take over the company itself. Square Enix said Time Warner can still change its position if another bid is made or if Time Warner decides to make its own bid.

Eidos shareholders will formally vote on the deal in March.

Eidos was founded in 1990, getting involved in videogames in 1995. Its stable of IP includes Tomb Raider, Hitman, Kane & Lynch, Thief, Commandos and the Legacy of Kain. It owns development studios in Canada, Denmark, Hungary and China as well as Crystal Dynamics in the U.S. and Beautiful Game Studios in the U.K.