Kotaku: Square to move on Tecmo

Friday, 29 August 2008 06:34 GMT By Patrick Garratt

Update 2: Square’s released a statement saying it’s prepared to pay a 30 percent premium on Tecmo’s stock. Details here.

Update: It’s been announced. IGN’s reporting it as well.

According to this sourceless Kotaku piece, Square Enix is to make an imminent takeover move on beleaguered publisher, Tecmo. From the piece:

Today at 1pm Japan Time, Square Enix will be outlining its plans for a friendly takeover troubled game maker Tecmo. Square Enix’s takeover would help the company gain a stronger foothold in the U.S. market with popular Tecmo titles like the Ninja Gaiden and Dead or Alive games. What’s more, Tecmo’s games will help strengthen Square Enix’s current portfolio, which is heavily dependent on RPGs.

Hopefully more will come out about this later in the day.