Following a press release issued Friday morning (Tokyo time) announcing its intentions to stage a friendly buyout of Tecmo, Square Enix president Yoichi Wada held a press conference Friday afternoon to provide further details on the plan.
As detailed in the earlier announcement, Square Enix is hoping to purchase a majority stake in Tecmo, offering Tecmo shareholders a 30% premium over the firm's August 28 closing price. In the event that Tecmo's board should agree with the offer, Tecmo would see itself fall under the Square Enix Holdings umbrella, placing it in a similar position as Taito where it retains is brand name and corporate structure. If Tecmo's board does not agree, Square Enix would withdraw the the offer.
Talks with Tecmo began as far back as May, Wada revealed at the press conference. Wada met with Tecmo chairman Yasuharu Kakihara multiple times in May over the possibility of Tecmo working with Square Enix as part of the same group.
Tecmo president Yoshimi Yasuda's resignation last week did not have direct relation with the buyout plan, Wada said during a Q&A session. In response to a later question, however, he did admit that the timing of the announcement was affected by the resignation. Square Enix was concerned over the uneasiness that Tecmo employees might feel following the sudden news.
Wada addressed the possibility of synergy between the two companies. He noted that Tecmo has strong global titles, something that has attracted his attention for some time. He also noted that Square Enix is an RPG-focused company, and one wouldn't call action it's strongest field. Wada explained that with this in mind, he's hoping not for cooperative development but for the two firms to "inspire" one-another.
The arcade industry is one area of possible synergy, explained Wada, noting that Tecmo originally got its start in arcades. Specifics will have to be discussed between the two firms, but as an image, he said he's hoping to expand current contents, something that he feels will be well accepted by creators.
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hmmmmmm
As detailed in the earlier announcement, Square Enix is hoping to purchase a majority stake in Tecmo, offering Tecmo shareholders a 30% premium over the firm's August 28 closing price. In the event that Tecmo's board should agree with the offer, Tecmo would see itself fall under the Square Enix Holdings umbrella, placing it in a similar position as Taito where it retains is brand name and corporate structure. If Tecmo's board does not agree, Square Enix would withdraw the the offer.
Talks with Tecmo began as far back as May, Wada revealed at the press conference. Wada met with Tecmo chairman Yasuharu Kakihara multiple times in May over the possibility of Tecmo working with Square Enix as part of the same group.
Tecmo president Yoshimi Yasuda's resignation last week did not have direct relation with the buyout plan, Wada said during a Q&A session. In response to a later question, however, he did admit that the timing of the announcement was affected by the resignation. Square Enix was concerned over the uneasiness that Tecmo employees might feel following the sudden news.
Wada addressed the possibility of synergy between the two companies. He noted that Tecmo has strong global titles, something that has attracted his attention for some time. He also noted that Square Enix is an RPG-focused company, and one wouldn't call action it's strongest field. Wada explained that with this in mind, he's hoping not for cooperative development but for the two firms to "inspire" one-another.
The arcade industry is one area of possible synergy, explained Wada, noting that Tecmo originally got its start in arcades. Specifics will have to be discussed between the two firms, but as an image, he said he's hoping to expand current contents, something that he feels will be well accepted by creators.
link
hmmmmmm
