The Nikkei Sangyo newspaper and Nikkei Business magazine have reported the merger was instigated by CSK President Masahiro Aozono, and that few executives at Sega other than president Hideki Sato knew of the accord.
As of Thursday, Sega's shares had lost almost a third of their value since the proposed merger with Sammy was announced on Feb. 13.
The video-game maker has posted losses for five consecutive fiscal years. Its software sales this year have faltered because of stiff competition from Electronic Arts.
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