ArrowArtboardCreated with Sketch.Title ChevronTitle ChevronIcon FacebookIcon LinkedinIcon Mail ContactPath LayerIcon MailPositive ArrowIcon Print
Business deals

SBI's bid for Shinsei Bank heads toward openly hostile takeover fight

Lender expected to oppose $1bn offer, citing possible harm to shareholders

If rejected by the board of Shinsei Bank, SBI's tender offer would become the first hostile takeover bid in Japan's banking industry.   © Reuters

TOKYO -- Shinsei Bank's resistance to a takeover by SBI Holdings in a $1 billion-plus tender offer appears ready to go up notch as it formally rejects the offer, setting up Japan's first hostile takeover battle in the banking industry.

Shinsei's outside directors met Monday to discuss SBI's proposal and agreed to come out against the proposal at a meeting of the full board to be held as early as Oct. 18, making a rejection there all but certain. An extraordinary shareholders meeting set for late November would be used for votes on defensive measures.

Sponsored Content

About Sponsored Content This content was commissioned by Nikkei's Global Business Bureau.

Discover the all new Nikkei Asia app

  • Take your reading anywhere with offline reading functions
  • Never miss a story with breaking news alerts
  • Customize your reading experience

Nikkei Asian Review, now known as Nikkei Asia, will be the voice of the Asian Century.

Celebrate our next chapter
Free access for everyone - Sep. 30

Find out more