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Koei Tecmo Holdings wins shareholder approval

New merged entity to open shop on April 1.

 

The formation of Koei Tecmo Holdings won approval today at shareholder meetings held by both Koei and Tecmo. The two firms issued a join statement announcing the approval and giving word that the new holding company will open its doors on April 1.

The terms of the merger plans were first announced in late November 2008. Tecmo shareholders will get 0.9 shares of the new merged entity for every one share of their current stock. Koei shareholders will exchange at a one to one ratio.

In its coverage of this story, Nikkei reports that there was some dissent on the Tecmo side from Effissimo Capital Management Pte, the firm's second largest shareholder with an 18% stake. Nikkei suggests the possibility that Effissimo could sell its stake.

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