Japanese publisher Tecmo have today officially rejected the proposed takeover from giant firm Square Enix, the Ninja Gaiden company instead hoping to forge a merger with Koei.

Square Enix aren't planning a hostile approach, but had offered 100 million USD for a 50% stake in the company - embroiled of late in some rather unseemly financial issues.

"Through a merger, we expect we can grow further by respecting both companies' identities and having an environment in which employees can fully exhibit their skills," read a joint statement from Koei and Tecmo.

Tecmo will apparently announce three new action titles at the Tokyo Game Show next month. We'll keep informed, naturally.

By Luke Guttridge

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