SBI completes tender offer for Shinsei Bank, owns nearly 48%

Economy

Online financial group SBI Holdings Inc. said Saturday it has succeeded in its tender offer for Shinsei Bank, raising its stake in the midsize lender to 47.77 percent from the current about 20 percent for 113.8 billion yen ($1 billion). The announcement capped off a three-month bid that at one point turned hostile, a rare development in the Japanese financial sector. SBI launched the takeover bid in September, offering 2,000 yen per share and setting the bid's upper limit at 48 percent. The tender offer ended Friday. SBI now plans to apply for approval to set up a bank holding company by the e...

Kyodo News

Kyodo News