SCi shares rocket as it encourages Warner Bros bid

MCV Staff 27th October 2008 Publishing

Shares in SCi Entertainment Group jumped 11 per cent today, after it lifted a restriction stopping Time Warner from raising its stake in the company without consultation.

As reported by MCV this morning, SCi has scrapped a "standstill" arrangement with Time Warner subsidiary Warner Bros.

The agreement – which had been in place since April – prevented Warner Bros. from acquiring more SCi shares without the Eidos parent’s consent until January 2009.

SCi said today it will now allow Warner Bros to buy more shares without consultation until December 1st – providing its stake doesn’t reach 30 per cent.

According to CNN, shares in SCi increased by two pence today following the announcement – or 11 per cent – to reach 20 pence.

Warner Bros bought five million shares in SCi on October 16th, taking its stakehold to just over 16 per cent – amplifying speculation that the entertainment media giant was organising a buyout bid for SCi.

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