Cerberus Boost Seibu Stake but Falls Behind by 44.7%

By IVC Staff Reporter

Jun 01, 2013 07:05 AM EDT

Bitter disputes increased when the US private equity fund launched an unwelcomed bid. This was done in March with the intent to boost its 32.5 percent Seibu stake.  

In the following month, it increased its stake with the target offer of 44.7 percent. It has raised a total of 8.3% and has proposed additional eight directors to the board. This included the former US Vice President, Dan Quayle. The proposal would mean a completion of the 18 members of the board with one director having to retain his position.

On the other hand, Cerberus did not meet its targeted take. The fund now controls 35.48 percent of Seibu. This is expected to have a shift and possibly substitute a fight to be able to secure votes for its nominees. The shareholders' meeting is scheduled June 25 of this year.

Cerberus stated that will take actions such as inquiring about its concerns for the upcoming shareholders' meeting. A detailed report will be made once they have come up with the decision.

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