The tender offer (TOB) for Seibu Holdings, Inc. by US investment firm Cerberus Capital Management ended on May 31st. Seibu Holdings released a comment on the results.
The TOB, which ran from March 12th to May 31st, saw 10,390,724 shares tendered. Cerberus' voting rights increased from the current 32.44% to 35.48%, but fell short of the previously set upper limit of 44.67%.
Cerberus announced that it would launch a TOB at 1,400 yen per share on March 12th and would also independently recommend directors. Seibu Holdings had expressed its opposition from the start.
In response to this result, Seibu Holdings commented that "we continue to oppose the shareholder proposal regarding the appointment of officers from the Cerberus Group, which could prevent the establishment of an optimal structure through the company's proposal and result in damage to our corporate value," and plans to propose the addition of two new outside directors at the 8th Ordinary General Meeting of Shareholders on June 25th.
The TOB, which ran from March 12th to May 31st, saw 10,390,724 shares tendered. Cerberus' voting rights increased from the current 32.44% to 35.48%, but fell short of the previously set upper limit of 44.67%.
Cerberus announced that it would launch a TOB at 1,400 yen per share on March 12th and would also independently recommend directors. Seibu Holdings had expressed its opposition from the start.
In response to this result, Seibu Holdings commented that "we continue to oppose the shareholder proposal regarding the appointment of officers from the Cerberus Group, which could prevent the establishment of an optimal structure through the company's proposal and result in damage to our corporate value," and plans to propose the addition of two new outside directors at the 8th Ordinary General Meeting of Shareholders on June 25th.
