James Lee
09:21 (BST)
05/09/2008
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Square Enix withdraws Tecmo offer
Square Enix has withdrawn its offer to takeover of Tecmo following the proposal's rejection and the beleaguered publisher's subsequent refusal to answer questions about its decision.
Tecmo had declined Square Enix's offer, instead choosing to pursue a possible merger with Koei. Square Enix responded by issuing a statement asking the publisher to detail the merger and justify its decision as the best one for shareholders.
After Tecmo failed to respond to answer its questions, Square Enix issued a statement withdrawing its offer.
"The Company yesterday received a written notice of the rejection of the Proposal from the board of directors of Tecmo. Followed by the notice, the Company immediately requested Tecmo for explanation of some issues to receive no response to it, even reasons of the rejection," read a statement issued by Square Enix.
"Under such circumstances, the Company is unable to make appropriate modifications to major terms of the Proposal including the TOB price, and determines that it is extremely difficult to continue the discussions with Tecmo based on the Proposal. The Company, therefore, has decided to withdraw from the Proposal."
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