When Tecmo decided to freeze talks with Square Enix, they started to talk with Koei which led to the merger being complete. But while some thought this merger would be better then the Square Enix offer, it seems the major shareholder of Tecmo isn't happy with this new merger, saying Koei is withholding information on how this merger would benefit the investors. Makes one wonder if they just liked the offer Square Enix gave them or they're just complaining.

Tecmo Ltd.'s second-largest shareholder said it opposes plans by the Japanese video-game software developer to merge with bigger rival Koei Co., citing a lack of information about how the combination would benefit investors.

Effissimo Capital Management Pte, which owns 17.6 percent of Tecmo according to data compiled by Bloomberg, isn't satisfied with the Tokyo-based company's explanation of how the merger would increase value for shareholders, the Singapore-based investment advisory company said in a statement to Japan's Ministry of Finance yesterday.

"We have not had sufficient information from the company to make a judgment on the merger, such as the feasibility of their plan to raise shareholder value," Effissimo Director Takashi Kosaka said in the statement.

Final Blade via bloomberg.com »