Shinsei Bank set to oppose SBI takeover bid

Economy

Shinsei Bank's independent external directors on Monday advised against a proposed acquisition by SBI Holdings Inc., a move that would force the major online financial service group into a rare hostile takeover bid in Japan's banking sector, sources familiar with the matter said. Shinsei has taken issue with the bid over concerns that shareholders originally opposed to the tender may be forced to sell their shares to avoid becoming minority shareholders in the bank once it becomes a subsidiary of SBI. Based on the advice of the council of five outside directors, the bank's board of director is...

Kyodo News

Kyodo News