Square Enix President Details Tecmo Takeover

Square Enix is taking over Tecmo, as said earlier today. At the press conference, Square Enix president Yoichi Wada has revealed that there has been discussions since May with former Tecmo president Yoshimi Yasuda and Tecmo Chairman of the Board (and current president) Yasuharu Kakihara since May. It wasn’t as sudden as we thought.

Wada was a bit “concerned” about what would happen to Tecmo when Itagaki left and they had all of their legal troubles.

Iwada stated: “In entertainment, games are the equal of the film and television industry, and growth is strong. But, now the Japanese game industry isn’t leading with the same vigor that it did previously… This is a worldwide battle.”

The Tecmo Board of Directors has until September 4th to approve the offer, which includes offering to purchase a controlling interest in Tecmo by purchasing shares in that company at 30 percent premium. If Tecmo accepts the offer, they will fall under Square Enix. Regarding the Tecmo brand, Wada stated: “To either be affiliated and losing the brand or possibly merging with Taito, that’s the big difference.” Square Enix acquired Taito in 2005.

Wada noted that the company has some magnificent IPs such as Dead or Alive and Ninja Gaiden and that they produce top quality titles in the action series.

“While it looks like the games are made by a single, talented genius, games are made by teams,” said Wada. When asked about the Itagaki labor dispute, Wada replied: “I don’t know anything of the concrete details of this particular case.”

“I can only believe that our proposal will be accepted,” stated Wada. “I hope.”

[Square Enix President Discusses “Friendly” Tecmo Takeover]

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