Looks like not everyone is happy with the Tecmo-Koei merger. Tecmo's second largest shareholder, Effissimo Capital Management Pte, voiced out its displeasure with the said merger, saying that there was a lack of information as to how the new partnership will benefit the investors.

Effissimo, holding a whopping 17.6 percent of the Tecmo share, has raised its concern to Japam's Ministry of Finance. Says company director Takashi Kosaka, "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."

On the other hand, Koei officials remain silent about the matter, while Tecmo confirmed its receipt of the document through Norihiro Mukai, spokesperson.

Either Effissimo's been sleeping in their meetings or they really just prefer Square Enix's offer over Koei's. If you'll remember, Tecmo was the much-sought-after developer company courted by Square Enix and then won over instead by Koei.

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