Jilted at the altar, Square Enix withdraws its Tecmo bid

If Koei and Square Enix are engaged in some sort of commercial lover’s spat concerning the fate of the ailing Tecmo, then Tecmo is so not invited to the prom anymore: Square Enix has officially pulled its offer.

After rejecting Square Enix’s initial offer and pursuing a possible merger with Koei, Tecmo received a bit of an ultimatum: Square wants precise details and a public explanation of how Tecmo’s shareholders could benefit from a Koei merger. To continue my lover’s spat analogy, Square wants to know who Tecmo is boning, how often, and in which positions.

After Tecmo failed to provide said details, Square got its monolithic panties in a metaphorical wad and promptly withdrew its offer. Gamesindustry got a whiff of Square’s statement concerning the matter:

“Under such circumstances, the Company is unable to make appropriate modifications to major terms of the Proposal including the TOB price, and determines that it is extremely difficult to continue the discussions with Tecmo based on the Proposal. The Company, therefore, has decided to withdraw from the Proposal.” 

I don’t know much about business, but I’d bet my last dollar that a giant like Square Enix could outbid Koei if it really put its monetary back into it — keep in mind that SE president Yoichi Wada has already made it clear that he’s on the prowl.

Don’t give up, Square! If you fall off the chocobo, you just have to get right back on. You just may want to be a little more aggressive EA-esque next time.

[Via Gamesindustry.biz]