Square Enix withdraws from Tecmo takeover proposal |
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Square Enix offered. Tecmo rejects. Baffled Square Enix responds to Tecmo's rejection. Tecmo ignores. Square Enix pulls out. This is how the short-lived love story of the two companies panned out.
The proposed Squeenix takeover was dubbed to be a "friendly" one, offering a controlling interest in Tecmo by purchasing the company's shares at a 30% minimum. They did also say that if Tecmo rejects the proposal, then they'll withdraw their offer.
But first, they wanted some explanations now on the following issues:
- Please confirm that the decision on the start of discussions with KOEI toward integration of management is the reason for rejection of the Proposal.
- If that is the case, please clarify concretely that major terms of integration of management with KOEI (form of the integration, stock prices assumption, integration ratio and so forth) are favorable for TECMO's shareholders than the Proposal.
- If not, please clarify that TECMO has an alternative plan, which is favorable for TECMO's shareholders than the Proposal.
Well it looks like Tecmo ignored Square Enix' request for an explanation - not even as to why they were rejected. Now, Square Enix is keeping its word and is thereby withdrawing from the proposal. That was a quick rendezvous.
Best wishes to Tecmo and Koei, then?
Related Square Enix-Tecmo takeover Articles:
- Tecmo rejects Square Enix acquisition offer, plans to merge with Koei
- Square Enix reveals plans of taking over Tecmo
- Square Enix willing to pay a premium for Tecmo shares
Via Square Enix
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Comments [refresh]
Tecmo has had terrible games and pathetic marketshare. They could have made a counteroffer or something. They didn't need to be outright *****s. Even though Square-Enix has been making less than stellar games recently, I do think it was nice of them to try and acquire a company which we can almost guarantee isn't going anywhere and would do far better with support of a company that can actually fund money for the games.
I personally haven't enjoyed a Tecmo game for quite some time so I personally don't care if they go off the grid when it comes to gaming.
very good that square stuck to their word, makes it seem that they weren't desperate, and are looking more just to expand, smart stuff ;)
only made one good game...gitaroo man, unless im forgetin a game...anyway, tecmo shoulda just accepted.