Cerberus boosts Seibu tender offer, intensifies row with management
Cerberus Capital Management wants to increase its stake in Seibu Holdings by as much as 12% to 44.7% and nominate nine members of the Japanese rail and hotel operator’s 18-strong board. The move has escalated a row between the private equity firm and Seibu that dates back to a dispute over the timing and pricing of an IPO last year.
Cerberus announced its public tender offer last month, but only sought to increase its holding by 4%, which would give it power to veto board proposals at shareholder meetings, plus three seats on the...
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