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Square Enix to Acquire Taito
posted on by Christopher Macdonald
Friendly Bid to Acquire Taito Share at a 20% Market Premium
Square Enix has offered 45.16 billion yen (US$405 million) in a friendly bid to purchase game-make Taito. The companies have been in merger talks since last April and have decided that an outright acquisition would be the best way to proceed.
Kyocera, which owns a 36% stake in Taito supports the takeover bid and has agreed to sell its share back to Taito to facilitate the acquisition.
Square Enix is offering 181,100 yen per share, a 20 percent premium over Taito's 6-month average market price. If Square Enix is able to reach agreements with Taito and its shareholder to acquire 67% of Taito shares it will acquire the shares and then begin procedures to turn Taito into a wholly-owned subsidiary. Failing to purchase the 67% ownership, Square Enix still intends to acquire Taito though other means.
Market conditions have lead to several anime/gaming related mergers in the last 2 years. Square merged with Enix to form Square Enix, Sega and Sammy merged in October while Namco is in the process of merging with Bandai and Takara with Tomy.
Kyocera, which owns a 36% stake in Taito supports the takeover bid and has agreed to sell its share back to Taito to facilitate the acquisition.
Square Enix is offering 181,100 yen per share, a 20 percent premium over Taito's 6-month average market price. If Square Enix is able to reach agreements with Taito and its shareholder to acquire 67% of Taito shares it will acquire the shares and then begin procedures to turn Taito into a wholly-owned subsidiary. Failing to purchase the 67% ownership, Square Enix still intends to acquire Taito though other means.
Market conditions have lead to several anime/gaming related mergers in the last 2 years. Square merged with Enix to form Square Enix, Sega and Sammy merged in October while Namco is in the process of merging with Bandai and Takara with Tomy.
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