Shinsei Bank drops defense plan against SBI's hostile takeover

Politics Economy

Shinsei Bank said Wednesday it will drop its plan to launch a defense against a hostile takeover bid by SBI Holdings Inc., making it almost certain that the midsize Japanese lender will come under the wing of the major online financial group. Shinsei had objected to SBI's unsolicited tender offer to raise its stake from around 20 percent to 48 percent. An extraordinary shareholders' meeting of Shinsei planned for Thursday to seek approval for the defense plan was canceled. SBI's move has been in the spotlight because Japan's banking sector has never seen a hostile takeover. Shinsei's last-minu...

Kyodo News

Kyodo News