URGENT: Shinsei Bank rejects SBI's tender offer, set for hostile takeover

Economy

Shinsei Bank on Thursday decided to reject a tender offer from major online financial group SBI Holdings Inc., opening the door to a rare hostile takeover bid in the Japanese financial sector. The standoff between the firms has escalated since SBI launched an unsolicited tender offer in early September in an attempt to raise its stake from 20 percent to 48 percent. Shinsei is planning to seek approval for its plan to launch a defense against SBI in an extraordinary meeting next month. The decision was announced after Shinsei held a board meeting earlier Thursday.

Kyodo News

Kyodo News