Cerberus Plan to Increase Seibu Control Rejected by Shareholders

By IVCPOST Staff Reporter

Jun 25, 2013 07:13 AM EDT

Cerberus Capital Management LP planned to increase its control in Seibu Holdings Inc, a Japanese rail and hotel operator. However, the said plan was rejected by Seibu's investors.

Cerberus is Seibu Holdings' biggest shareholder holding 35.5% of stake in the company. Cerberus recommended former US Vice President, Dan Quayle, John Snow, former US Treasury Secretary and six others to hold a seat in the unlisted company's board of directors. However, the plan was blocked by investors at Seibu. This was done today, during the company's annual shareholder meeting near Tokyo. The meeting held lasted for more than four hours with a record number of participants.

President Takashi Goto of Seibu and investors including Yoshiaki Tsutsumi, the former richest man in the world who supported the company, blocked the plan. Japan's Prime Minister Shinzo Abe has called on Japanese firms to open up its boardrooms to increase global investment. Billionaire investor Daniel Loeb tried to force change at Sony Corp.

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