Shinsei Bank Ltd. has dropped its poison pill defense against SBI Holdings Inc.’s planned takeover of the mid-sized Japanese lender.
Tokyo-based Shinsei has also canceled a planned shareholder vote on the defense measures that were scheduled for Thursday, while changing its stance on SBI’s offer to neutral, the company said in a statement on Wednesday.
A takeover fight erupted for Shinsei in September when SBI launched a share tender offer to raise its holdings in the bank to about 48%. That level would give it effective control without additional regulatory hurdles.
SBI said it doesn’t plan to change its offer price of ¥2,000 a share for Shinsei, a statement showed. Both companies discussed the issues on Wednesday, according to an earlier Nikkei newspaper report.
Shinsei said it plans to hold an extraordinary shareholder meeting in early February to vote on SBI’s proposed director candidates. If shareholders approve them, then the current Shinsei management will step down, the bank said.
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