I found the Tecmo statement in regards to the Square Enix offer over on their site...in japanese. But I managed to get a mangled translation of it:

On 2008 August 29 this corporation released news concerning the proposition of amicable buying of the company stock for ’the [Tecmo] corporation from corporation [Square Enix] of this day’ disclosure concerning” with informed, corporation [Square Enix] (code: 9684 Tokyo Stock Exchange part, below you call “[Square Enix]”. )

From proposition of release buying.

As this corporation, had only a short time [to respond] afte receiving this proposition, we gathered opinions from even the employees, in addition to the executives, from the fact that it is possibility of the selection whose actualization characteristic of enterprise value improvement is high with the result and the other things which guaranty and the brand of the environment for software development which it guarantees and stabilizes of the competent employee who is the source of this corporation profit were examined from viewpoint of maintenance development, which did not agree.

Therefore, as the corporation board of directors,we do not approve the proposition.

Whew that was tough. But I’m 90% certain that it says ’no thanks.’

If your Japanese is better than mine you can read the whole statement in PDF form here and tell me what it really says.