Seibu Shareholders Reject Cerberus' Bid To Shake Up Board

Law360, New York (June 25, 2013, 2:12 PM EDT) -- Shareholders of Japanese railway and hotel company Seibu Holding Inc. on Tuesday rebuffed a bid by private equity giant Cerberus Capital Management LP to shake up its board with a group of new directors, according to an investor filing.

At the company's shareholder meeting, Seibu shareholders blocked the New York-based firm's attempt to replace nine of its directors with Cerberus candidates, including Cerberus Chairman John W. Snow and former U.S. Vice President Dan Quayle, according to investor documents.

Representatives for Cerberus did not immediately respond to...
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