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Shinsei Bank poison pill defence wins backing from another proxy advisory firm -Breaking

by Mike Robinson

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© Reuters. FILEPHOTO: Shinsei Bank’s logo was pictured in Tokyo at its lobby, 22 October 2010. REUTERS/Yuriko Nagao

TOKYO (Reuters) – U.S. proxy advisory firm ISS has joined Glass Lewis & Co in recommending shareholders of Japan’s Shinsei Bank Ltd vote for the lender’s plan for a poison pill defence against an unsolicited $1.1 billion bid from SBI Holdings Inc.

ISS stated in a Nov. 7 statement that the defense was justified partly because Shinsei Bank tried to use the pill to negotiate with SBI Holdings for better terms. They attached two reasonable conditions to which shareholders could benefit.

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