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 2012.
The tender offer from Cerberus runs to April 23.