Buyout - Square Enix offers 30% premium on Tecmo stock
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Following news this morning that Square Enix is making a serious move to buy Tecmo, the company has released a statement saying it's offering a 30 percent premium on the target's stock. From Kotaku:
Square Enix has released a statement explaining his Tecmo takeover plan. It includes offering to purchase a controlling interest in Tecmo by purchasing shares in that company at 30 percent premium (¥960 a share compared to yesterday's close price of ¥706 a share). The Tecmo Board of Directors has until September 4 to approve or reject this offer. If rejected, Square states, "We will withdraw our offer."
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