Square Enix has withdrawn its bid to acquire a majority stake of Tecmo after the Ninja Gaiden house rejected the offer and failed to provide any reasoning for doing so.

Square Enix previously announced plans to acquire more than half of Tecmo in a deal valued at over $100 million, but on Thursday Tecmo turned down the offer and announced that it was focusing on merger talks with fellow Japanese publisher Koei.

Having received no response to questions regarding Tecmo’s decision to reject its proposal, Square Enix has now officially withdrawn its offer.

"The company yesterday received a written notice of the rejection of the proposal from the board of directors of Tecmo. Followed by the notice, the company immediately requested Tecmo for explanation of some issues to receive no response to it, even reasons of the rejection," Square Enix said in a statement.

"Under such circumstances, the company is unable to make appropriate modifications to major terms of the Proposal including the TOB price, and determines that it is extremely difficult to continue the discussions with Tecmo based on the Proposal. The company, therefore, has decided to withdraw from the proposal."

According to Reuters, Square Enix is still intent on boosting its standing in the global videogame industry by way of potential takeovers, and is currently engaged in talks with other companies.

"We are talking with quite a few companies in and outside of Japan. We are routinely in such talks," Square Enix president Yoichi Wada (pictured) told reporters.

Wada also said that he didn’t know if Square would pursue Tecmo again.

"If they truly dislike Square Enix, there is no point. All creators would leave the firm the moment the deal was done. It would be the equivalent of buying a building," he said.

Picture via Kotaku.