SBI Conditionally OKs Delaying Deadline for Shinsei Bank Bid

Economy

Tokyo, Sept. 24 (Jiji Press)--Japanese online financial service company SBI Holdings Inc. <8473> said Friday that it will conditionally extend the deadline of its tender offer for Shinsei Bank <8303>.

The deadline will be pushed back from Oct. 25 to Nov. 24 if Shinsei Bank meets four conditions, such as a promise to provide concrete evidence for its claim that the unsolicited tender offer may harm the interests of the bank's shareholders, by Tuesday.

By making the deadline extension conditional, SBI apparently hopes to prevent Shinsei Bank from buying time and to stress the legitimacy of its tender offer.

SBI also requested that Shinsei Bank not unnecessarily extend the period for considering countermeasures and that a general shareholders' meeting be held by Nov. 17, the earliest possible date.

The company said that it will "take all measures to protect the bank's corporate value and shareholder interests" such as filing for a court injunction to block Shinsei Bank's proposed takeover defense measure, if the bank accepts but violates the conditions.

[Copyright The Jiji Press, Ltd.]

Jiji Press