Square Enix had stated from the off that its move was not hostile, and that were Tecmo to shy away from the acquisition it would withdraw without complaint.
So now it’s withdrawn – though perhaps not without a little complaint. Kotaku reports that a statement from the firm does raise the issue that Tecmo has been thin on the ground regarding the reasons for its rejection:
“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.”