Notice Regarding Withdrawal of the Proposal to TECMO for Friendly TOB
As announced on August 29 (August 28 in US) 2008, Square Enix CO., LTD. submitted to the board of directors of Tecmo, LTD. a proposal for basic conditions of acquisition of shares of common stock issued by Tecmo (the "Tecmo Shares") through a friendly takeoever bid (the "TOB") (the "Proposal") in order to obtain consent to the TOB by the board of directors of Tecmo.
The Company yesterday (September 4) received a written notice of 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.
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 Tecmo based on the Proposal. The Company, therefore, has decided to withdraw from the Proposal.
Source from Square Enix, Tecmo, and Kotaku
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