Major Tecmo Shareholder Hesitant About Koei Merger
One of the more curious news stories of the past year was Tecmo’s decision to merge with Koei, after denying interest from Square Enix. While the merger seems to be set to go forward next year, Bloomberg reports that one major Tecmo shareholder isn’t satisfied with the plan. Effissimo Capital Management Pte, a Singapore-based investment advisory company that owns 17.6 percent of Tecmo (the second largest shareholder), says they haven’t seen enough information about how the merger would benefit Tecmo investors. "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," said Effissimo director Takashi Kosaka, in a statement presented to Japan’s Ministry of Finance earlier this week. When contacted by Bloomberg, a Tecmo spokesperson confirmed they also received the statement, and insisted they have explained to investors why they chose to merge with Koei. This coincides with information 1UP learned earlier this month from sources who said many internal Tecmo executives have also quietly rebelled at the Koei merger. Currently, the companies plan to form the Tecmo Koei Holdings company on the Tokyo Stock Exchange in April, so it’ll be interesting to see how those plans turn out going forward.
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