Cerberus Hits Snag From Seibu Over Proposed Stake Increase

Law360, New York (March 26, 2013, 7:32 PM EDT) -- Japanese railway and hotel company Seibu Holdings Inc. on Tuesday officially came out against private equity firm Cerberus Capital Management LP's plan to increase its stake and make changes to the company's board.

Seibu Holdings contends the plan would harm shareholder interests and said Cerberus had not consulted with it on the plan, according to translated investor documents. Cerberus, which owns about 30 percent of the company, is already Seibu Holdings' largest shareholder.

“We object to the tender offer for the shares of the company. Thus...
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