25, will be on whether SBI, which has criticized Shinsei’s defense measures as “management protecting its own interests,” can secure the support of shareholders. The focus of the shareholders meeting, to be held on Nov. SBI is offering ¥2,000 per Shinsei share, higher than around ¥1,900 the stock was trading at on Thursday. Shinsei’s planned defense, pending shareholder approval, is to issue new shares to existing shareholders to dilute SBI’s holdings.
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25 after the bank threatened to launch part of its defense measures. In late September, SBI acquiesced to Shinsei and extended the tender offer period until Dec. If the tender offer is successful, SBI aims to replace some or all of the current Shinsei management, which has failed to bolster the bank’s profitability, and pave the way for the repayment of massive public funds the bank’s predecessor received two decades ago.
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The decision was announced after Shinsei held a board meeting earlier Thursday.Īt the board meeting, Shinsei decided on a counterproposal, urging SBI to remove the limit on its share purchase - a condition the financial group is unlikely to accept, as under Japanese law, obtaining a majority stake in a bank needs regulatory approval. Shinsei is planning to seek approval for its plan to launch a defense against SBI in an extraordinary shareholders meeting next month. Shinsei Bank officially decided to reject a tender offer from major online financial group SBI Holdings Inc.