Shinsei’s predecessor, the Long-Term Credit Bank of Japan collapsed in 1998 and received JPY370 billion in public funds. If the tender offer went smooth, SBI would rebuild the current Shinsei management and chart a course toward the repayment of large debts the bank accrued during a public bailout. In setting the four conditions, SBI demanded Shinsei not to buy time by posing “low priority” questions and urged the bank to guarantee that SBI could exercise its voting rights at an extraordinary shareholders’ meeting where Shinsei wishes to get approval for its planned defence against the takeover. Later, in response to Shinsei’s request for an extension until December 8, SBI on Friday offered to extend the offer period until November 24 from the initially set date of October 25 if four conditions are met. SBI, a major online financial group with the goal of becoming the fourth megabank of Japan, in early September launched a tender offer to shareholders of Shinsei Bank, aiming to raise its stake in Shinsei from the current 20 per cent to a maximum of 48 per cent. The bank is preparing to launch a defence against the hostile takeover from SBI. Shinsei said its proposed extension to December 8 would give shareholders sufficient time to assess the information provided and better make decisions on whether to tender their shares. TOKYO (XINHUA) – Japan’s Shinsei Bank yesterday refused a proposal from SBI Holdings Inc to conditionally extend its unsolicited tender offer for the bank until November, local media reported yesterday.
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