Shareholders of Eidos were left disappointed last night after the computer games company quashed speculation that it would be acquired at a premium to yesterday's closing price.
During the trading session, Eidos shares had climbed 6p to 86p on rumours that a bid pitched at 95p from an American rival had been agreed and would shortly be announced.
However, 15 minutes after the market closed the creator of action heroine Lara Croft dashed those hopes.
While discussions with a number of interested parties had continued, Eidos warned shareholders not to expect a fancy price.
"On the basis of these recent discussions, the likelihood and extent of any premium [to the share price before recent speculative movements] is unclear," it said.