The overall company, which recently changed its name from SCi to that of its well-known publisher subsidiary Eidos, has long been the subject of frequent takeover rumors due to ever-worsening financial conditions. It owners numerous development studios and properties, including Tomb Raider, Deus Ex, Carmageddon, Hitman, and Kane & Lynch.
"Eidos' products are highly complementary to our business and will accelerate our aggressive expansion into Western markets," said Square Enix president Yoichi Wada.
Before moving forward, Eidos will need a majority of its shareholders to approve of the acquisition, with a meeting scheduled for March. Square noted that all of Eidos' directors "intend unanimously to recommend" that shareholders take the offer.
According to Square, its offer represents a 129% premium over the worth of Eidos' stock, as of yesterday, February 11, 2009.