Earlier today, Tecmo rejected Square Enix's offer of a "friendly takeover". After collecting opinions from Tecmo staffers, the company decided that merging with Square Enix was not in its best interest. Instead, Tecmo has decided to pursue a merger with Japanese game maker Koei, best known for the Dynasty Warriors franchise. Both companies hope to balance their portfolios with the merger.
When Square Enix originally announced its offer to Tecmo on August 28th, the famed RPG maker proposed offering to purchase a controlling interest in Tecmo by purchasing shares in that company at 30 percent premium. "I can only believe that our proposal will be accepted", said Square Enix president Yoich Wada (pictured) at press conference that same day. "I hope". If the plan was rejected by Tecmo (and it was), Square Enix originally stated: "We will withdraw our offer".
Apparently, Square Enix is having a problem taking no for an answer as the company just released a statement: