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 Proposal was made in order to acquire the Tecmo Shares through the TOB, and is subject to obtaining consent by the board of directors of Tecmo no later than September 4, 2008. However, the Company today (Sept 4) received a written notice of rejection of the Proposal from the board of directors of Tecmo stating the reason for rejection as follows; "employees will work together to continue contribution to the further growth of the industry through maintaining Tecmo's accumulated corporate culture and providing 'entertainment' to the world." Followed by the notice, Tecmo made disclosure at the TSE that they decided to begin discussions with Koei CO., LTD. toward intergration of management.
The Company immediately requested Tecmo for explanations of some issues as follows:
1. Please confirm that the decision on the start of discussions with Koei toward integration of management is the reason for rejection of the Proposal.
2. If that is the case, please clarify concretely that major terms of the intergration of management with Koei (form of the intergration, stock price assumption, integration ratio, and so forth) are favorable for Tecmo's shareholders than the Proposal.
3. If not, please clarify that Tecmo has an alternative plan, which is favorable for Tecmo's shareholders than the Proposal.
The Company will make definitive decision on its plan immediately after receiving a reesponse from Tecmo.
Source from Square Enix and Tecmo
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