Napalm Riot

Infogrames, the French video games company behind Atari, last night revealed it was behind a rejected share based bid for Lara Croft’s SCi Entertainment worth about £60 million.

The would-be predator indicated that it could go hostile, presenting investors with a choice between a SCi’s planned fundraising and a bid at a “significant premium” to the 55p the shares were trading at last week.

Infogrames said that it had presented “a detailed indicative offer” which was rejected last week. It described its proposal as “financially disciplined” and said that it was “in a position to move expeditiously with its proposal” to buy Britain’s SCi.

Like SCi, Infogrames is emerging from financial trouble. At the end of last year it raised €150 million in a rescue, which left Blue Bay Asset Management as its largest investor. Its market value was €147.2 million (£115.6 million) last night, making it larger than SCi, which was worth £42 million.


(Continuation Source: http://business.timesonli…/media/article3835817.ece)