SBI Rejects Shinsei Bank's Conditions for Supporting Takeover

Economy

Tokyo, Nov. 20 (Jiji Press)--Major Japanese online financial service company SBI Holdings Inc. <8473> has rejected conditions set by Shinsei Bank <8303> for supporting SBI's tender offer for the lender, it was learned Saturday.

On Oct. 21, Shinsei voiced its opposition to the tender offer. At the same time, however, the major Japanese bank said it would support the bid if SBI raises its purchase price for Shinsei shares from 2,000 yen apiece and scraps its share purchase ceiling.

The bank had set the deadline for SBI to respond at Friday. SBI has said it would aim to buy up to 48 pct of all outstanding Shinsei shares in the tender offer.

Shinsei is slated to hold an extraordinary general meeting of its shareholders Thursday, in which they will vote if they approve or disapprove the bank's launch of its measure against the bid from SBI.

If the takeover defense measure is put into place, SBI's stake in Shinsei will drop sharply.

[Copyright The Jiji Press, Ltd.]

Jiji Press