The company noted that though the received proposal came at a significant premium to current share prices, it offered "mostly equity consideration but the third party would have assumed responsibility for [SCi's] funding requirements." The offer was also subject to conditions, including significant due diligence.
SCi recently confirmed rumors that an offer had been made, but did not reveal where the offer came from. The struggling UK-based SCi was previously rumored to be in talks with NBC Universal for a $100M investment in the company.
Recent financial hardship recently moved SCi to axe 14 upcoming projects and lay off 25% of its workforce. The group had previously entertained buyout offers from a number of companies including Midway, but cut off talks earlier this year.