TOKYO – Japan’s financial institution SBI Holdings said on Friday it would extend its চিত 1.1 billion unsolicited tender offer for Shinsei Bank from November 25 to November 24 if it agreed to meet certain conditions.
SBI, which owns the largest online brokerage in Japan, operates an online bank and holds shares in multiple regional banks. The company plans to increase its stake in Shinsei from 20 percent to 48 percent to take effective control of the donor.
Struggling to find a way to thwart the acquisition, Shinsei said last week that if its board decides that SBI’s bid would hurt its corporate value, it will seek shareholders’ approval to issue stock warrants to existing shareholders, a measure that would reduce SBI’s stake.
It requested to extend the deadline for tender proposal till Dec December.
In a letter released publicly in response to Shinsai’s request for an extension, SBI outlined four conditions that must be met, including the Shinsai Board explaining the specific reasons why SBI’s bids could harm corporate standards.
SBI has asked Shinsei to hold a shareholder meeting by November 17 to seek approval for its planned poison-pill defense against SBI’s bids. It said it would extend the deadline if Shinsei failed to get the required majority of approvals for the defense system.
A company spokesperson added that SBI was considering what to do if the measure was approved by shareholders.
Separately on Friday, Shinsei said it would temporarily suspend the buyback of 20 billion yen (1 181 million) worth of shares because SBI’s tender offer changed the share pricing process.
Shinsei may resume the buyback after the tender offer is closed or withdrawn, it said.
(1 = 110.5000 yen)
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This News Originally From – The Epoch Times
