Do you see what happens when you don’t respond to my costume change requests, Thom!? Horrible photoshopping, that’s what. What other image am I supposed to use to tell everyone that Tecmo has finally responded to Square’s questions about why they were so blatantly rejected? Now, it’s just got nasty red text and lines all over it. Your fault Thom, not mine. Oh well, life goes on, and so does this story.
Originally when Square Enix’s friendly buyout was turned down the company responded by asking three questions of Tecmo that basically summed up to say, “WTF, mate?” After releasing these questions Square promptly decided they didn’t actually care why, and announced that they would no longer be seeking to buyout Tecmo. We though it was over, but Tecmo has decided that those three lingering questions should be answered.
Basically, yes, they rejected Square because of Koei and yes they believe that such rejection was in the best interest of Tecmo’s shareholders. Kotaku has translated the answers from the Japanese release and also this quote from Tecmo: “To answer Square Enix’s proposal within the time frame of one week provided little room for negotiation and discussion. Conversely, regarding the proposal from Koei, there is time for management to consider how to integrate and most likely arrive at ultimately raising our corporate value. This is why we have begun talks with Koei concerning corporate integration.” Served.
Here’s the questions followed by their answers:
Q. Please confirm that the decision on the start of discussions with KOEI toward integration of management is the reason for rejection of the Proposal.
A. “The reason why the Tecmo board members did not accept this offer is because of the decision to begin merger talks with Koei.”
Q. If that is the case, please clarify concretely that major terms of integration of management with KOEI (form of the integration, stock prices assumption, integration ratio and so forth) are favorable for TECMO’s shareholders than the Proposal.
A. “Supposing this is the case, then the plan to merge with Koei (form of the integration, stock prices assumption, integration ratio and so forth) is concretely beneficial to Tecmo shareholders.”
Q. If not, please clarify that TECMO has an alternative plan, which is favorable for TECMO’s shareholders than the Proposal.
A. “Supposing this isn’t the case, then we would disclose alternatives that would be advantageous to shareholders.”