SBI to Launch Tender Offer for Shinsei Bank
Tokyo, Sept. 9 (Jiji Press)--Japanese online financial service giant SBI Holdings Inc. <8473> said Thursday that it will launch a tender offer for Shinsei Bank <8303> on Friday.
Already the top shareholder of the Japanese bank, SBI aims to make it a consolidated subsidiary by raising its equity stake in the lender to 48 pct from the current 20.32 pct. The tender offer could be a hostile bid depending on Shinsei's response.
SBI has been asking Shinsei to expand their partnership, including in securities business. But little progress has been made in their talks.
Shinsei said in a statement that it had not been informed by SBI of the tender offer plan in advance, adding that the bank will announce its stance on the matter as soon as it is decided.
During the tender offer through Oct. 25, SBI plans to buy Shinsei shares at 2,000 yen apiece. Shinsei shares ended at 1,440 yen on the Tokyo Stock Exchange on Thursday.
[Copyright The Jiji Press, Ltd.]