The Company yesterday received a written notice of the rejection of the Proposal from the board of directors of TECMO. Followed by the notice, the Company immediately requested TECMO for explanation of some issues to receive no response to it, even reasons of the rejection. 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.
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Jilted, scorned. Square Enix has just announced it is withdrawing its offer to Tecmo of a "friendly takeover". That is, after Tecmo rejected the offer and then announced plans to integrate its company with Dynasty Warriors creator Koei. While Square Enix originally stated it would withdraw the offer if rejected, the company issued a series of questions to Tecmo rejecting the company's decision to turn down the offer. Square Enix never received answers to those questions. According to Square Enix's withdrawal statement: Square Enix turned down by Tecmo for Koei and then ignored? Ouch.