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Shinsei Bank's poison pill slammed by SBI as standoff escalates

Lender plans to issue new shares while suitor weighs court action

SBI plans to spend up to 110 billion yen ($1 billion) to increase its stake in Shinsei Bank to 48%. 

TOKYO -- Japan's Shinsei Bank on Friday decided to introduce a defensive measure against a $1 billion unsolicited tender offer by SBI Holdings, escalating tensions between the rival financial groups in what is shaping up to be a hostile takeover.

In response, financial conglomerate SBI said it will consider seeking a court injunction to block the lender from using the defense measure. The group is seeking to acquire up to a 48% stake in Shinsei through a tender offer.

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