Cerberus extends tender for Seibu shares
Cerberus Capital Management is to extend the deadline to buy more shares in Japan's Seibu Holdings until May 31. The US private equity firm, already the largest shareholder in Seibu with a 32.44% stake, has been trying to boost its holding to 44.7% through a public tender offer that was due to end on May 17.
If acheived, the stake increase will allow Cerberus to nominate nine members of the Japanese rail and hotel operator's 18-strong board and the power to veto major board proposals at shareholders meetings....
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