Square Enix to Acquire Tecmo

Square Enix plans to purchase more than half of fellow Japanese publisher Tecmo in a bid to boost its global competitiveness.

The proposed deal is valued at 920 yen per Tecmo share, representing a 30 percent premium to their closing price on Thursday, and worth at least $102 million, Reuters reports.

Square Enix said that it would maintain the Tecmo brand following a buyout, but warned that it would drop its bid if the Ninja Gaiden publisher’s management rejected the offer out of hand or failed to respond by September 4.

Last week Tecmo president Yoshimi Yasuda resigned citing "personal reasons", but the company and Yasuda himself have recently been embroiled in a number of legal suits regarding staff payments.