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Business deals

Shinsei drops poison pill defense against SBI, accepts new leaders

Japanese bank attempted to thwart takeover by venture capital firm

Shinsei Bank has withdrawn its poison pill defense designed to thwart SBI Holdings’ takeover.

TOKYO -- Shinsei Bank on Wednesday withdrew its poison pill defense designed to thwart SBI Holdings' takeover and accepted the firm's picks for a new president and chairman.

Shinsei's move comes after SBI, which engages in financial services, decided to take into consideration a management plan presented to the government by Shinsei Bank for a new management structure. Shinsei believes there is now little concern that the interests of minority shareholders will be damaged.

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