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Square Enix confirms Tecmo bid

In a press recent press release, Square Enix have confirmed that they have placed a bid to aquire TECMO, Ltd. Square Enix have offered a friendly take over bid worth 920 yen per share (approx $8), offering a 30% premium to closing stock as of August 28th 2008.

Under the proposal, Square Enix are looking to make TECMO a wholly-owned subsidiary of the company. Effectively this would maintain TECMO's current organisation and brand. In the press release, Square have stated the current circumstances at TECMO as their reason for the offer, and a will to see Japanese game creators through a 'critical juncture whether it continues to be a center of [the] video game industry in the world, or not'.

Square Enix have set a deadline of Thursday 4th September for their offer to be responded to. Watch this space for more as it comes!

View: Square Enix Press Release

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