Shareholders approve Koei merger with Tecmo $207 million deal given the greenlight to take place later this year

James Lee Monday 26th January 2009 Share this article Share

Shareholders have approved the merger between Japanese companies Tecmo and Koei, set to take place on April 1.

The companies made the announcement in statements to the Tokyo Stock Exchange today, according to Reuters.

Under the USD 207 million deal, announced last November, Tecmo investors will receive 0.9 shares in the merged company for every Tecmo share they hold, while Koei stockholders will receive a one-for-one exchange.

Tecmo attracted the attention of potential buyers, including Square Enix, after the company's president stepped down, following a public spat with the former Team Ninja lead Tomonobu Itagaki.