Tecmo Rejects Square Enix Bid; Seeks Merger With Koei

Authored by Mark Hefflinger on September 4, 2008 - 10:38am.

Tokyo - Japanese video game publisher Tecmo said on Thursday that it has rejected an up to $206 million takeover bid from fellow publisher Square Enix, and is instead in merger talks with game maker Koei, Reuters reported.

Square Enix, creator of the "Final Fantasy" franchise, told Reuters it would examine Tecmo's reasons for rejection and proposed deal with Koei before making its next move.

Tecmo has recently seen its star developer Tomonobu Itagaki, quit and sue the company over unpaid bonuses; the company's president, Yoshimi Yasuda, also resigned last month.

"Through a merger, we expect we can grow further by respecting both companies' identities and having an environment in which employees can fully exhibit their skills," Tecmo and Koei said in a statement.

Related Links:
http://snipurl.com/3n2ek (Reuters)

http://snipurl.com/3n2iw (DMW previous coverage)

http://snipurl.com/3n2im (DMW previous coverage)

http://www.tecmogames.com

http://www.koei.com