The statement, translated by Kotaku, reads: “For Tecmo, this proposal was received in a short span of time, but within the company we collected opinions from management and game creators as well as a wide range of employees.
“Our company’s source of revenue, as a result of a guarantee with our capable workers, guarantees steady game development and the preservation of our brand, and there is a high possibility of improvement. However, we do not agree to this proposal, and thus, our managing board declines the offer.
“Stockholders, clients and customers, please continue your favour towards our company.”
Square Enix announced its intention to acquire the Dead or Alive and Ninja Gaiden developer on August 29th, though it added at the time that it was not a hostile move, and that the offer would be withdrawn were it to be rejected by Tecmo’s board.