Effissimo Capital Management, a Singapore-based investment advisory company and Tecmo's second-largest shareholder, opposes the Ninja Gaiden studio's plans to merge with developer and publisher Koei (Dynasty Warriors series). The investment firm, which owns a owns 17.6 percent stake in Tecmo, claims that the video game company has not adequately explained how the fusion will benefit 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,” says Effissimo's director Takashi Kosaka in a statement sent to Japan's Ministry of Finance, according to a report from financial site Bloomberg. However, it is as yet unclear whether this complaint will affect or majorly delay the merger's completion. Tokyo-based Tecmo and Yokohama-based Koei recently finalized a ¥20 billion ($221.6 million) stock deal, agreeing to merge their operations under a holding company beginning April 2009. With the merger, Tecmo shareholders will receive 0.9 share of the holding company for each Tecmo stock they hold, while Koei investors will receive one share from the merged entity for each Koei stock they hold. A Tecmo spokesman, Norihiro Mukai, says that the studio already detailed the advantages of the merger to its investors. The holding firm is expected to generate over ¥70 billion ($775.5 million) in sales and reach a ¥16 billion ($177.3 million) operating profit in the year ending March 2012. Tecmo revealed its intentions to merge with Koei in early September after rejecting a $206 million friendly takeover offer from Square Enix, believing that a merger with Koei stands a better chance of "boosting corporate value."