Infogrames confirms SCi offer
Infogrames has confirmed that it made an offer to acquire SCi which was rejected by that company's board
Responding to press speculation, Infogrames Entertainment has confirmed that it has presented SCi's Board with a "detailed indicative offer."
Infogrames stated that its board believes the offer has the potential to be significantly value-enhancing to both SCi's and Infogrames' shareholders. However, SCi has declined to entertain the offer.
While not explicitly confirmed, this is likely to be the offer from an unnamed suitor that SCi announced it had rejected last week.
"Infogrames' proposal is financially disciplined and recognises the strengths of both companies," Infogrames said in a statement.
"Although the indicative offer is subject to standard conditions relating to due diligence, the receipt of irrevocable undertakings from certain SCi shareholders and the recommendation of the SCi Board, it is not subject to financing.
"Infogrames has sufficient resources to satisfy the cash element of its indicative offer and has secured commitments in relation to the potential working capital requirements of the enlarged group. Importantly, Infogrames is in a position to move expeditiously with its proposal."
The company said that a further announcement would be made if and when appropriate. SCi has not responded beyond last week's announcement that it had rejected an offer - shortly before announcing a partnership with Warner Bros.