According to the January 11 edition of the newspaper, Miyamoto is not opposed to the idea of the merger, just the terms. He believes that the proposed stock-exchange ratio, in which each share of Square stock would be exchanged for 0.81 shares of Enix stock, does not reflect Square's growth potential.
And because Miyamoto personally owns 31% of Square's outstanding shares (18.7 million shares), and owns another 9% of the company's shares through companies he controls, his opposition to the deal's terms will directly affect the outcome of the merger.
As a result, Square and Enix today proposed a stock-exchange ratio to 1-for-.85 shares -- effectively raising the value of Square by almost 5%. Miyamoto has not commented on the revised exchange rate.