Cerberus fails in challenge to Seibu board
Cerberus Capital Management failed to its attempt to assert more control over the management of railway and property group Seibu Holdings, as shareholders voted down the PE firm's plan to secure more board seats.
Cerberus had proposed eight new directors, including former US Vice President Dan Quayle and former US Treasury Secretary John Snow, Reuters reported. "Seibu last year unilaterally told us that our capital...
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