Seibu says Cerberus won't intervene or increase stake
TOKYO, April 9
TOKYO, April 9 (Reuters) - Japanese railway and property conglomerate Seibu Holdings said on Wednesday that its top shareholder, U.S. private equity firm Cerberus, had no plans to intervene in management or increase its stake in the company from a current 35.5 percent.
Seibu said in a filing that Cerberus supports the company's business plans. Earlier, Seibu slashed the tentative price range for its initial public offering and said Cerberus was not taking part in the offering.
Seibu was delisted in 2004 in the wake of a disclosure scandal and Cerberus led its bailout with a $1 billion-plus investment. The two sides were locked in a bitter public feud during most of 2013 over when to list its stock and at what price. (Reporting by Ritsuko Ando; Editing by Dominic Lau)