TOKYO -- Japanese financial group SBI Holdings on Friday closed its tender offer for SBI Shinsei Bank, drawing one step closer to taking the affiliate private, but the process still faces potential backlash from investors stemming from the 350 billion yen ($2.4 billion) the bank still owes the government.
SBI Holdings announced its bid for SBI Shinsei on May 12, offering 2,800 yen per share, a 13% premium to the stock price at the time. SBI Shinsei's stock price has surged about 90% since September 2021, when SBI Holdings first proposed a takeover.
