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SBI blasts advisory firms’ support of Shinsei poison pill defence -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO – The Shinsei Bank logo can be seen in the Tokyo bank lobby on Oct. 22, 2010. REUTERS/Yuriko Nakao

TOKYO, Reuters – SBI Holdings Inc said Friday that proxy advisory firms support for Shinsei Bank Ltd’s poison pill defense against the $1.1 billion takeover offer is not sufficient logic.

SBI responded to the Deposit Insurance Corporation of Japan by saying that it will retract its tender for Shinsei Bank if the poison pill defense is used.

SBI stated that if the decision was withdrawn, it will consider other options such as selling its entire stake in Shinsei Bank.

SBI indicated that it could consider increasing its Shinsei Bank stake to a majority if the tender offers are accepted.

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