Benzinga | Apr 16, 2021 03:04PM EDT

Square Enix Stock Gains On Takeover Rumors: Bloomberg

* Final Fantasy series games owner, Square Enix Holdings Co Ltd (OTC: SQNNY) (OTC: 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 (NASDAQ: MSFT) accounted for a $7.5 billion acquisition of The Elder Scrolls, Doom, and Fallout series maker, Bethesda Softworks, Electronic Arts Inc (NASDAQ: EA) snapped up racing game maker Codemasters Group Holdings for $1.2 billion, beating Take-Two Interactive Software Inc's (NASDAQ: 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.