Square Enix reacted to the rejection by issuing a statement demanding Tecmo to explain, whether it rejected the friendly TOB as a result of its negotiations with Koei and whether a potential Tecmo - Koei tie-up would constitute a more lucrative deal than Square Enix's proposal. Depending on the answer to the second question, Tecmo should furthermore specify a more lucrative alternative proposal. Square Enix's management would only decide its future course of action once Tecmo's management had provided answers to the aforementioned questions.
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