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Square-Enix Acquiring Tecmo?

jmanalang
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Posted August 29, 2008 - By jmanalang

The house that built Final Fantasy is proposing a "friendly takeover" to the creators of Ninja Gaiden II and Dead or Alive. According to Kotaku, Square-Enix will be outilining its plans to possibly acquire Tecmo at 1pm in Japan today.

Last week, former Tecmo CEO Yoshimi Yasuda resigned to his position due to "personal reasons" as said by Tecmo. The company has also been in hot water recently with former Tecmo developer Tomonobu Itagaki for unpaid bonuses, according to the Ninja Gaiden creator.

In a statement from Square-Enix, revealed by Kotaku:

"[Square-Enix] offering to purchase a controlling interest in Tecmo by purchasing shares in that company at 30 percent premium (¥960 a share compared to yesterday's close price of ¥706 a share)."

Tecmo has until September 4 to accept Square's offer. Yoichi Wada, president of Square-Enix, said the following about the possible takeover:

"In entertainment, games are the equal of the film and television industry, and growth is strong. But, now the Japanese game industry isn't leading with the same vigor that it did previously... This is a worldwide battle."

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Tags: Videogames
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