According to GI, SCi rejected the latest offer for the company. From the site:
UK publisher SCi has confirmed that it has rejected the latest offer made for the company, saying the proposal failed to “represent sufficient value.”
The unnamed third party’s offer came with a “significant premium” on the publisher’s current share and offered mostly equity consideration. However, the third party would have assumed responsibility for the company’s future funding, a situation the SCi board refused to sign off on.
Behind the scenes talk is heavily suggesting the “unnamed third party” is/was Time Warner. Giant winks on this.