SBI begins tender offer for Shinsei Bank, buy orders pour in

Politics Economy

Japanese online financial firm SBI Holdings Inc. launched Friday a tender offer to make smaller rival Shinsei Bank a subsidiary as part of SBI's attempts to become a "fourth megabank" in Japan, with buy orders pouring in for the bank's shares. SBI's offer, through Oct. 25, was not approved by the Shinsei Bank board in advance and could end up in a hostile takeover. Shinsei Bank shares did not fetch a price Friday morning due to a glut of buy orders. SBI already owns roughly a 20 percent stake in Shinsei Bank and plans to increase it to a maximum of 48 percent. It offers 2,000 yen ($18) a share...

Kyodo News

Kyodo News