Square Enix have just announced that an agreement has been reached with the board of Eidos, by which Square will purchase the creaky old British publisher for £84 million (USD$120 million).
That price represents, according to Square, a premium of 129% over Eidos' current market value. Meaning that, yes, in other words, they're paying more than what Eidos are worth.
Despite being agreed to by the men in expensive suits at both companies, for the deal to go through it has to be approved by 75% of Eidos' shareholders at the company's next meeting, which is due to take place early next month. Which it should, since the Eidos board are going to recommend shareholders sell up.
Oh Square. You look a little... desperate! Shifty delays, downward-looking finances and now paying over the board for the rights to Tomb Raider (driven into the ground), Hitman (gathering dust) and...Kane & Lynch? You're getting our common sense all Imperial Hot & bothered.
Full details on the announcement below if you're in need of bedtime reading.