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Square Proposes To Buyout Tecmo > |
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2008/08/29 10:01:20: Posted by DM |
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It seems that Square is going to acquire the outstanding shares of the fledgling Tecmo. According to today's press release, Tecmo will offer its outstanding shares to Square by the end of the year. As you know, with the recent falling out of Team Ninja, Tecmo was borderline defunct as it was. Click read more for the full info.PRESS RELEASELondon, (29th August 2008 ) – SQUARE ENIX CO., LTD. (the “Company”) announced today that the Company submitted to the board of directors of TECMO, LTD. (Securities Code: 9650, 1st Section of the TSE, “TECMO”) a proposal for basic conditions of acquisition of shares of common stock issued by TECMO (the “TECMO Shares”) through a friendly take over bit (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. Therefore, please be advised that the Company will NOT acquire the TECMO Shares through the TOB as planned in the Proposal in case that the Company receives no response from TECMO or fails to obtain consent by the board of directors of TECMO to the TOB, by the date. This Notice shall not be construed as solicitation for sales and/or purchase of the TECMO Shares.1. The reason to submit the ProposalVideo games have been globally recognized as a major entertainment genre, and have now become an industry receiving considerable attention in terms of its market size and growth potential. In the meantime, the game industry in Japan is standing at a critical juncture whether it continues to be a center of the video game industry in the world, or not.TECMO is a group of excellent creators with proven track-record in the global market, which is a precious human resource of Japan. We, however, cannot be optimistic about the future of this significant resource, given the current circumstances surrounding TECMO.We believe that TECMO will be able to make a great leap forward by joining the Square Enix Group, which will provide the group with further growth opportunities as well.We are planning to position TECMO as a wholly-owned subsidiary of Square Enix Holdings maintaining TECMO’s current organization and brand as in the cases of Square Enix and Taito.2. Major Points of the Proposal(1) TOB Price: 920 yen per shareAdding a premium of 30%+ to TECMO’s closing stock price as of August 28, 2008 (706 yen).(2) Number of the TECMO Shares to acquireLower Limit: More than half of the outstanding TECMO Shares upon fully-diluted basis (including residual shares subject to stock options).Upper Limit: None.(3) Deadline to reply the Proposal: September 4 (Thursday)If the Company should, by the deadline, receive no response from TECMO, or fail to obtain consent by the board of directors of TECMO to the TOB, the Company will withdraw the Proposal, and will NOT acquire the TECMO Shares through the TOB as planned in the Proposal.About Square Enix Co., Ltd. and Square Enix, Inc.With headquarters in Tokyo, Japan, Square Enix Co., Ltd. (Square Enix) develops, publishes and distributes entertainment content including interactive entertainment software and publications in Japan, North America, Europe and Asia. Square Enix brings two of Japan's best-selling franchises - FINAL FANTASY®, which has sold over 85 million units worldwide, and DRAGON QUEST® which has sold over 45 million units worldwide - under one roof. Square Enix is one of the most influential providers of digital entertainment content in the world and continues to push the boundaries of creativity and innovation. |
Comments
Written by incoming00 on 2008/08/29
FFXIV starring Ryu Hayabusa!
Written by arthur56k on 2008/08/30
square are known for the great work they do in turn based games, not really action games
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