April 3 A major shareholder in Japan's Seibu
Holdings Inc has supported the company's stand against allowing
private equity firm Cerberus Capital Management LP
increase its stake in the railway and real estate group, the
Nikkei daily said.
Cerberus is trying, through a tender offer, to boost its
stake in Seibu by four percentage points to 36.44 percent, the
level at which it could veto major board decisions.
Yoshiaki Tsutsumi is believed to own less than 1 percent of
Seibu, but he also owns about 36 percent of NW Corp, whose
interest of just under 15 percent makes it Seibu's
second-largest shareholder, the newspaper said.
Quoting Seibu, the daily said Tsutsumi would not agree to
Cerberus's tender offer and had contacted Seibu to convey his
stance. Tsutsumi has potentially made it harder for Cerberus to
get its hands on the Seibu shares held by NW, it added.
The move comes as Seibu, which also operates hotels and
department stores, is planning to go public again in a
multi-billion dollar stock market listing originally planned for
The tender offer from Cerberus runs to April 23.