Well, Tecmo's certainly had some time to think about the friendly takeover offer given by Square Enix. Kotaku reports, however, that Tecmo's rejected Square Enix's offer, opting to try and merge with Koei instead.

Here's Tecmo's statement on the takeover offer, as taken from Kotaku (external link):

For Tecmo, this proposal was received in a short span of time, but within the company, we collected opinions from management and game creators as well as a wide range of employees.

In our companies source of revenue, as a result of a guarantee with our capable workers, a guarantee of steady game development and the preservation of our brand, there is a high possibility of improvement. However, we did not arrive to agree to this proposal, and thus, our Managing Board declines the offer.

Stockholders, clients and customers, please continue your favor towards our company.

Tecmo has instead announced that it is working on a merger with Koei. Apparently, talks between the two companies have already begun, with an "Integrated Management Committee" set up to perhaps oversee things.

The two companies have their strengths on opposite ends of the world, with Tecmo finding popularity in the West through its Dead or Alive and Ninja Gaiden games and Koei making waves in the East with its simulations and Dynasty Warriors games. To that end, Tecmo's recent statement on the matter acknowledges that they can do well worldwide because of these combined strengths:

As the game industry environment changes with high-powered hardware, portable game machines and rapid growth as well as online mobile games, the accelerating consumer needs are varied and sophisticated. The industry has intensified. Multi-platform and the importance of overseas markets is pushing the industry towards global competition.

...Under these circumstances, these two companies have excellent financial positions, strengths and the ability to take advantage of each other in order to improve profitability and solidified the foundation of a worldwide leader.

Here's to hoping the merger goes well, and the two companies profit from teamwork.

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