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Japan’s SBI to extend offer for Shinsei by a month on some conditions By Reuters

by Mike Robinson

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© Reuters. FILE PHOTO. A woman walks by the Shinsei Bank’s logo in Yokohama south of Tokyo on June 23, 2010. REUTERS/Issei Kato/File Photo

TOKYO (Reuters) – SBI Holdings said on Friday it would extend the deadline for its $1.1 billion unsolicited tender offer to Nov. 24 from Oct. 25 for Shinsei Bank if Shinsei agrees to meet certain conditions.

SBI Holdings, Japan’s leading online broker and bank operator with stakes in several regional banks, plans to raise its stake to Shinsei up to 48% from 20% in order to gain effective control.

Struggling to find ways to thwart the takeover, Shinsei said (https://www.reuters.com/business/shinsei-bank-plans-poison-pill-defence-against-sbis-11-bln-bid-sources-2021-09-17) last week it would seek shareholder approval on an undecided date to issue stock warrants to existing shareholders. Also, it requested a delay in the tender deadline to Dec.

SBI responded publicly to Shinsei’s request to extend the deadline. It cited four conditions, among them that Shinsei must explain why SBI’s bid will cause corporate loss.

Shinsei was also required to hold a shareholders meeting on November 17th in order for approval of its poison-pill defense against SBI, which would reduce SBI’s share.

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