Tecmo rejects Square Enix buyout, looks to Koei

When last we heard, game developer Tecmo, who has fallen on hard times, was facing a “friendly takeover” by RPG giant Square Enix - who was offering to purchase the majority of Tecmo’s stock at 30% over market value. Earlier this week, Tecmo announced that it was rejecting Square Enix’s proposed buyout in favor of a merger agreement with developer Koei (Dynasty Warriors). Both Tecmo and Koei have expressed their desire to strengthen and maintain their corporate identity and believe that this merger will help do just that.

In response, Square Enix issued an inquiry to Tecmo as to why their offer was rejected, to which Tecmo supplied no response. Square Enix has since officially withdrawn their offer, along with a follow up offer to buy up Tecmo of $206 million which expired Thursday. Tecmo also announced that it has finally settled its lawsuit with Hiroaki Ozawa and Tatsuki Tsunoda of Team Ninja, who were suing the company over missed over-time pay, though official details on that settlement are unavailable.

With one suit down and Tecmo on the upswing, all that remains is to settle the disputes with former employee Tomonobu Itagaki.

[via Gamasutra, Kotaku]