Square Enix has announced it had launched a‭ ‬£84.3‭ ‬million acquisition bid for‭ ‬UK publisher Eidos.‭

The bid was made one month ago on Jan‭ ‬14,‭ ‬with the offer to purchase the struggling‭ ‬UK publisher at‭ ‬32p a share,‭ ‬an attractive premium over three times more than Eidos'‭ ‬share price‭ ‬when the bid was made.

Square Enix,‭ ‬the Japanese enterprise which has recently made a string of investments to expand its reach Westward,‭ ‬said that the Eidos buyout would be‭ “‬highly complementary‭” ‬to its business strategy.

‭“‬Eidos maintains a strong reputation for high quality development and proven expertise in creating characters and storylines that appeal to consumers,‭” ‬Square Enix President Yoichi Wada said in a statement.‭

“Eidos is a talented developer and publisher of interactive entertainment products with a broad portfolio of highly successful mass-market franchises,‭ ‬led by Tomb Raider,‭ ‬one of the most successful videogame franchises of all time,‭” ‬Wada added.

Eidos chairman Tim Ryan‭ ‬said of the deal:‭ “‬We believe that this cash offer provides Eidos Shareholders with an attractive price and certainty in today’s challenging market backdrop and economic outlook.‭"

“‬The acquisition of Eidos will complement Square Enix’s expansion into Western markets and offers mutually beneficial opportunities for the combined group.‭ ‬The Board believes that this offer is in the best interests of the shareholders.‭”

It is said that‭ ‬Eidos' board of directors will be recommending shareholders to accept the offer.‭ ‬
The acquisition would need approval from regulators.