UPDATE: Seibu and Cerberus Meet, No Listing Agreements Yet
Seibu Holdings Inc and top shareholder Cerberus Capital Management LP met last Friday. The meeting was to end the highly public dispute over the Japanese railway and hotel group's planned listing on the Tokyo Stock Exchange.
According to a spokesman from Seibu, the companies met along with two other big Seibu shareholders. The four parties explained their varying views on the situation and added that the discussions held marked progress was no concrete agreements were reached.
The meeting was viewed as a kicked off and a good move forward, the spokesman added.
A spokesman from Cerberus confirmed that no agreements were made during the meeting. He added that Seibu failed to meet Cerberus' requests for more detailed answers to questions sent by the US fund to its management before the annual shareholders' meeting last month.
The meeting held Friday last was a good sign of any thaw in the Cerberus-Seibu relationship. This was after Cerberus blasted the Seibu management for what it viewed as major lapses in terms of profitability and governance.
Seibu Holdings Inc wanted to push through the relisting as soon as possible.
Join the Conversation