Square Enix Stock Gains On Takeover Rumors: Bloomberg

Final Fantasy series games owner, Square Enix Holdings Co Ltd SQNNY SQNXF stock jumped 12% on the Tokyo Exchange on Friday after the CTFN website named acquisition proposal from two anonymous bankers, Bloomberg reports.
However, Square denied receiving the proposal and said it did not intend to sell any part of the business. The company has reached a market valuation of $7.8 billion (845 billion yen).
The year 2020 witnessed video game deals worth $25 billion, according to Bloomberg.
Microsoft Corp MSFT accounted for a $7.5 billion acquisition of The Elder Scrolls, Doom, and Fallout series maker, Bethesda Softworks, Electronic Arts Inc EA snapped up racing game maker Codemasters Group Holdings for $1.2 billion, beating Take-Two Interactive Software Inc’s TTWO offer.
Bloomberg has projected robust M&A volume from cash-rich game makers, targeting smaller, private developers instead of larger listed companies.
Microsoft had failed to acquire Square in 1999 due to a low offer before it merged with Enix.
Price action: SQNXF shares traded higher by 6.64% at $61.48 on the last check Friday.