James Lee
15:15 (BST)
29/08/2008
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Square Enix confirms Tecmo bid
Square Enix has confirmed earlier reports that it has made a friendly takeover offer to acquire Tecmo, issued to the beleaguered publisher's board of directors, with a deadline of September 4.
Under the deal, Tecmo has been offered JPY 920 (USD 8.4) per share, a premium of 30 per cent on its stock price as of August 28. However, in expectation of a reply, Square Enix has said it will not purchase any outstanding shares unless it get's an acceptance to its offer.
"The game industry in Japan is standing at a critical juncture whether it continues to be a center of the video game industry in the world, or not. Tecmo is a group of excellent creators with proven track-record in the global market, which is a precious human resource of Japan," read a statement issued by Square Enix.
"We, however, cannot be optimistic about the future of this significant resource, given the current circumstances surrounding Tecmo... We believe that Tecmo will be able to make a great leap forward by joining the Square Enix Group."
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