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Seibu Holdings to oppose Cerberus Capitals tender offer bid

by on Mar.26, 2013 @ 6:21 pm, under NPB

Cerberus Capital Management is interested in increasing it's state in Seibu Holdings.  They have asked Seibu to consider a number of cuts, including the Seibu Lions.  Here is a snip from Nikkei English:

Seibu's president, Takashi Goto, said at a press conference that the U.S. private equity fund's influence on the company could harm corporate value in the mid- to long-term. Mr. Goto said Cerberus has called for Seibu to "eliminate (Seibu's railway) redundant lines" as well as to cut jobs, and to consider selling the company's baseball team.

... Mr. Goto's harsh comments on the company's own top shareholder come about two weeks after the New York investment firm launched a tender offer to boost its current 32.4% stake in Seibu by 4%. If successful, the move would enable Cerberus to veto major board proposals at shareholders meetings. The tender offer will last through April 23.

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