On August 28th, Kotaku first broke the news that Square Enix made an offer to Tecmo for a "friendly" takeover. Squar Enix's plan included offering to purchase a controlling interest in Tecmo by purchasing shares in that company at 30 percent premium. The Tecmo Board of Directors had until today, September 4, to approve or reject this offer. Square Enix stated it would withdraw it's offer if Tecmo rejected it.

Tecmo has just released a statement regarding this offering. That translated, after the jump.

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.

In our companies source of revenue, as a result of a guarantee with our capable workers, a guarantee of steady game development and the preservation of our brand, there is a high possibility of improvement. However, we did not arrive to agree to this proposal, and thus, our Managing Board declines the offer.

Stockholders, clients and customers, please continue your favor towards our company.