Tecmo receives repurchase claim from opposing shareholder
More developments as Koei merger approaches.
According to a report at Retuers, Tecmo announced yesterday (February 13) that it has received a claim for repurchase of shares from a shareholder who stands in opposition to the firm's upcoming merger with Koei. This claim is basically a request for Tecmo to purchase back the shareholder's stock.
As reported in late January, while the formation of Koei Tecmo Holdings won approval at shareholder meetings for both firms, Singapore-based Effissimo Captial Management Pte, Tecmo's second largest shareholder with an 18% stake in the firm, voiced dissent. A Nikkei report at the time suggested that Effissimo could end up selling its Tecmo shares.
The repurchase request was for 15.64%, or 3,890,700 shares. Reuters does not state for sure if the request came from Effissimo, but does state that this appears to be the case.
Koei and Tecmo are scheduled to combine under the new Koei Tecmo Holdings parent company on April 1.