TOKYO (Reuters) - SBI Holdings Inc on Thursday rejected new conditions requested for its bid to buy Shinsei Bank Ltd, including a demand that it pays more than the $1.1 billion in its existing offer and that it remove a share purchase limit.
SBI, which released a statement through the Tokyo Stock Exchange, wants to buy up to 48% of Shinsei at 2,000 yen a share.
Shinsei Chief Executive Hideyuki Kudo said the board of directors was recommending shareholders refrain from taking part in the tender offer bid (TOB) made by SBI.
Reporting by Tim Kelly; Editing by Edmund Blair
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