SCi Entertainment, owner of the Lara Croft Tomb Raider computer game franchise, admitted yesterday that for the second time in two years it had received a bid approach, believed to be from its French rival Ubisoft.
The news is likely to arouse interest from Time Warner, which has a 10% stake in SCi; the leading US gaming company Electronic Arts - home to The Sims and Medal of Honour - and possibly Sony.
A deal, however, is by no means certain. SCi warned recently that the delayed launch of Sony's PS3 had hit sales. Its shares plunged to levels not seen since SCi bought Eidos, creator of the pneumatic Ms Croft, in May 2005 and the Ubisoft approach may be mere opportunism.
Shares in SCi closed up 44.5p at 384p yesterday, valuing the company at £332m. Just before July's profit warning, however, they were at 520p and Time Warner bought its stake at 502p a share.
The property magnate Robert Tchenguiz is also likely to play a key role in any takeover as his Thorson Investments vehicle is SCi's largest shareholder with a stake of 15.5%. He acquired the shares from Robert Bonnier, a well-known internet figure and founder of Scoot.com, who had stalked SCi after the dotcom crash
SCi has been in talks before. After seeing off competition for Eidos from the private equity group Elevation - fronted by U2's Bono - it received a bid approach in October 2005. The talks, which are believed to have been with Ubisoft that time too, dragged on but in February 2006 SCi admitted they had come to nothing.