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Square Enix Bids To Acquire Tecmo

Square Enix Bids To Acquire Tecmo

August 29, 2008 | By Eric Caoili

August 29, 2008 | By Eric Caoili
More: Console/PC

Square Enix is seeking to take over troubled Ninja Gaiden developer Tecmo, offering to acquire a controlling interest by purchasing Tecmo stock at a 30 percent premium over the company's August 28 closing price of 708 yen ($6.52), according to a Watch Impress-covered Japanese announcement translated by game weblog Kotaku.

Speaking at a press conference yesterday, Square Enix president Yoichi Wada said that he has been discussing the potential acquisition with recently resigned Tecmo president Yoshimi Yasuda as well as Tecmo board chairman and current president Yasuharu Kakihara since May 2008.

Square Enix cited Tecmo's attractive IPs, capable development staff, and global approach to creating games as reasons for its takeover bid. Though the publisher did not name any specific issues, it acknowledged Tecmo's current turbulent state due to Yasuda stepping down just last week and current legal troubles.

Tecmo's former Team Ninja head Tomonobu Itagaki resigned and filed a complaint in June against the company and Yasuda for unpaid completion bonuses regarding Dead or Alive 4's development for the Xbox 360, claiming 148 million ($1.4 million) in damages.

Shortly afterwards, two Tecmo employees also filed suit against the company seeking 8.3 million ($77,000) for unpaid overtime allegedly resulting from an illegal"flexible hours" work scheme started four years ago.

Tecmo's board of directors has until September 4 to respond to the takeover offer. Square Enix said that if the developer chooses to reject the officer, it will withdraw its offer and will not seek a buyout.

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