TOKYO Jan 14 Japan's Seibu Holdings Inc and top
shareholder Cerberus Capital Management LP have agreed
to list the Japanese company's shares in Tokyo early in the new
financial year that starts in April, sources familiar with the
matter said on Tuesday.
The two companies had been locked for months in a highly
public dispute over the Japanese railway and hotel group's
planned return to the Tokyo Stock Exchange, which would allow
the U.S. fund to cash out on some of its $1 billion-plus
Cerberus has agreed to sell about a 20 percent stake in the
company from its existing 35.48 percent holding, the sources
said. The agreement followed an overnight teleconference between
Seibu Holdings President Takashi Goto and Cerberus Chief
Executive Stephen Feinberg, they said.
Seibu Holdings will apply with the Tokyo bourse as early as
Wednesday for a listing. Companies typically list their shares
two to three months after submitting an application.
While Seibu had been looking to list as soon as possible,
Cerberus had been pressing the Japanese company to improve its
governance and earnings performance.
The underwriters for the IPO are Mizuho Securities, UBS and
Bank of America-Merrill Lynch.