Cerberus, the US private equity firm, announced that it sold their remaining stake in Aozora Bank, a Japanese business lender. The sale was made through a block trade with Barclays acting as the sole bookrunner. Cerberus offered its remaining 96.3 million shares at 292 yen per Aozora share. The number of shares is equivalent to 5.85% of the total common shares outstanding in Aozora Bank.

The offer price of 292 yen per share was a discount of 3.3% compared to the stock's closing price of 302 yen on August 1. The price, however, was fixed in the middle of the marketed range of JPY288.50 and JPY294.50 per Aozora share.

Cerberus first obtained a minority interest in Aozora Bank back in 2000 when the bank was still known as the Nippon Credit Bank. Cerberus then increased its stake in the bank in 2003. The 2003 deal made Cerberus a controlling shareholder of the Japanese lender.