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Japan's Seibu Holdings files for permission to relist -source
January 15, 2014 / 8:52 AM / 4 years ago

Japan's Seibu Holdings files for permission to relist -source

TOKYO, Jan 15 (Reuters) - Japan’s Seibu Holdings Inc filed for permission with the Tokyo Stock Exchange on Wednesday to relist, a person familiar with the matter said on Wednesday, a major step in reviving the railway and hotel group.

The move comes as Seibu and top shareholder Cerberus Capital Management LP end a long, public feud over relisting the company. The U.S. private-equity fund led a 2006 bailout of Seibu after its predecessor company was delisted over a false entry in its securities reporting.

Sources on Tuesday told Reuters that Seibu would soon apply to list its shares early in the fiscal year starting in April, and that Cerberus this week expressed its willingness to sell up to 20 percent of the company, more than half its $1 billion stake, depending on the price of the sale.

The feud with Cerberus included a failed bid by the U.S. private-equity firm to put former U.S. Vice President Dan Quayle on the Seibu board as part of its fight to gain more clout.

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