Hopes to buy more than half of the game developer and improve its global competitiveness in a deal worth at least $102 million.
Reuters reports that Square Enix, publisher of hit video game franchises Final Fantasy and Dragon Quest, is seeking to buy more than half of game developer Tecmo. The deal is said to be worth at least $102 million.
Square Enix has proposed to bid for Tecmo shares at 920 yen apiece, a price at a 30% premium to their closing price the previous day.
Back in May Square Enix President Yoichi Wada told Reuters that the company was considering taking shares in game developers to combat rising competition from established game publishers.
Square Enix said it plans to maintain the Tecmo brand after buying the company and will not pursue the bid if Tecmo management either does not respond to the proposal by September 4 or rejects it.
