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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.

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