SBI blasts advisory firms’ support of Shinsei poison pill defence By Reuters

November 12, 2021 admin Stock News 0

© Reuters. FILE PHOTO: The Shinsei Bank logo is pictured at the lobby of the bank in Tokyo, Oct. 22, 2010. REUTERS/Yuriko Nakao

TOKYO (Reuters) – SBI Holdings Inc on Friday said proxy advisory firms’ support of Shinsei Bank Ltd’s poison pill defence against its $1.1 billion takeover bid lacks sufficient logic.

In response to the Deposit Insurance Corporation of Japan, SBI also said it would retract its tender offer for Shinsei Bank should the poison pill defence be used.

If retracted, SBI said it would consider various options including selling all of its stake in Shinsei Bank.

However, if the tender offer is successful and the deal receives regulatory approval, SBI said it would consider raising its stake in Shinsei Bank to a majority.

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