Phil Elliott
08:40 (BST)
29/08/2008
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Square Enix to acquire Tecmo?
According to reports Square Enix is poised to complete the acquisition of fellow Japanese publisher Tecmo in a deal worth as estimated JPY 22.3 billion (USD 205 million).
Tecmo, which has suffered some turmoil recently with the legal wrangling with former Team Ninja producer Tomonobu Itagaki, would maintain its existing structure as part of the friendly takeover, according to IGN.
The deal, valued at JPY 920 (USD 8.46) per share, would give Square Enix a wider variety of titles for the global market, complementing its existing product line-up which consists largely of RPGs.
The report goes on to state that Square Enix "hopes to receive a favourable opinion on the buyout from the Tecmo board by September 4" - and in the event that approval is not forthcoming, will withdraw the offer and not take the bid hostile.
Tecmo's president, Yoshimi Yasuda, last week resigned over the problems with Itagaki, and the company's share price has jumped from JPY 538 (USD 4.95) on Tuesday to JPY 806 (USD 7.41) at close today.
Meanwhile Microsoft has announced that the Tecmo-developed action title Ninja Gaiden II has sold over 1 million copies worldwide.
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