News
Square Enix makes move for Tecmo
Ben Parfitt Aug 29 2008, 9:55am
Japanese giant looks to take advantage of troubled developer, offers 30 per cent premium
Final Fantasy and Dragon Quest publisher Square Enix has revealed that it intends to launch a takeover bid for fellow Japanese outfit Tecmo.
Kotaku reports that Square Enix is prepared to pay a 30 per cent premium on current Tecmo stock. If the deal is completed, Tecmo will assume a similar status to Taito, which is Square Enix owned but operates as an independent brand under the Square Enix Holdings umbrella.
The publisher cites Tecmo’s global market reach and development expertise, though does acknowledge that the firm is experiencing some turbulence currently – most likely a reference to its recent legal wranglings with acclaimed Team Ninja developer Tomonobu Itagaki.
The Tecmo board is expected to announce its decision on the move on September 4th – though Square Enix adds that should it be rejected, it will withdraw its bid peacefully.
