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Saturday, September 24, 2005

Square Enix subsumes Taito

Square Enix subsumes Taito

"Taito will become a subsidiary of Square Enix starting September 28; move costs Square $565 million.

TOKYO--Square Enix today announced it has successfully acquired Taito through its agreed takeover bid. Square Enix hoped to acquire at least 67 percent of Taito's stock (247,900 shares), but was able to get a hold of 93.7 percent of all shares issued by the company (346,689 shares). Effective September 28, Taito will become a wholly owned subsidiary of Square Enix.

Last month, Square announced its intentions to initiate a friendly takeover of Taito. The company offered to pay a 12-percent premium over Taito's closing share price on August 22. Square Enix said it would rescind the tender offer if it failed to acquire at least 67 percent of Taito stock between August 22 and September 21, but it would seek alternate takeover methods if it failed. Square Enix's acquisition of Taito's 93.7 percent share is expected to cost approximately 62.79 billion yen ($564.74 million)."

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