Square Enix today revealed that it has made a 84.3‭ ‬million pound ($119 million) bid for Eidos.‭ The offer for the U.K. publisher was made on January 14 and is equal to 32 pounds ($45) a share, roughly three times the worth of Eidos' share price. Square Enix has been reportedly interested in Eidos since last year.

"‬Eidos maintains a strong reputation for high quality development and proven expertise in creating characters and storylines that appeal to consumers,‭" ‬said Square Enix President Yoichi Wada. "Eidos is a talented developer and publisher of interactive entertainment products with a broad portfolio of highly successful mass-market franchises,‭ ‬led by Tomb Raider,‭ ‬one of the most successful videogame franchises of all time."

Eidos' Board of Directors will recommend that the company shareholders take the deal in March 2009. Time Warner, which owns a 20 percent stake in Eidos, is obliged to approve the deal unless the conglomerate makes an offer of its own.

"‬We believe that this cash offer provides Eidos Shareholders with an attractive price and certainty in today's challenging market backdrop and economic outlook," said Eidos chairman Tim Ryan‭. "‬The acquisition of Eidos will complement Square Enix's expansion into Western markets and offers mutually beneficial opportunities for the combined group.‭ ‬The Board believes that this offer is in the best interests of the shareholders.‭"

It was also revealed that Square Enix today delayed the release of Dragon Quest IX in Japan and have slashed their profits outlook as a result.