Square founder and No. 1 shareholder Masashi Miyamoto has met with the presidents of Square and Enix to address his objection to the proposed merger between the world's largest producers of RPGs. Miyamoto, who holds a 30% stock in Square, apparently is displeased by the merger agreement under which one Square share is exchanged for 0.81 Enix shares. A rejection of the merger by Miyamoto could pose a serious obstacle to the creation of Square Enix. At a meeting on February 13th, the two companies' shareholders will vote whether to go ahead with the merger as planned thereby paving the way for Square Enix to begin operating on April 1st 2003.
Miyamoto, who currently holds a 30% stock in Square, would only control an 18% stake in the new company, making him second largest shareholder of Square Enix behind Enix founder and chairman Yasuhiro Fukushima.