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SCi Turns Down Infogrames Offer

by Rainier on April 29, 2008 @ 2:39 a.m. PDT

Last week SCi entered into an agreement with Warner Bros. but it seems it was not the only offer on the table. Infogrames has presented the SCi Board with a detailed indicative offer that it believes has the potential to be significantly value enhancing to both SCi's and Infogrames' shareholders. Unfortunately the SCi Board has declined, at this stage, to entertain Infogrames' offer.

Infogrames' proposal is financially disciplined and recognises the strengths of both companies. 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 standard conditions referred to above are waivable by Infogrames. Whilst Infogrames has been considering a range of options, including but not limited to a potential merger with SCi, there can be no certainty that any offer will be made for SCi (whether or not the aforementioned conditions are satisfied or waived), or as to the terms on which any such offer may be made.

A further announcement may be made, if and when appropriate.

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