I love SquEnix to death, but the real reason why not just tecmo, but a LOT of companies refuse mergers with SquEnix, is because In the business world, They're [tornado fang]ing Nazi's.
Pretty much any merger done with them results in SE completly in charge and in controll, with the devs and staff from the other sides suffering greatly.
Tecmo's CEO even said it himself. The reason for the refusal by the board was because they didn't want to be "owened by Square Enix", in this so called Merger. And he's not the only one.
Even during the Square Enix Merger, A [parasitic bomb] load of Enix staff all left the company because they were pissed off. And not just them, Square also lost a ton of great talent because of it. Many of the important directors/producers and dev teams felt betrayed because the merger was made without their knowledge and behind their backs.
They had disrespected their HONARU!!!