Cerberus Launches Offer To Raise Seibu Stake To 45%

Law360, New York (April 5, 2013, 2:27 PM EDT) -- Cerberus Capital Management LP announced plans Friday to raise its stake in Japanese railway and hotel company Seibu Holdings Inc. to nearly 45 percent and nominate three directors to Seibu's board in a continuing feud between the Japanese firm and its largest shareholder.

Cerberus, which currently owns 32.4 percent of Seibu, said it wants to raise its stake by 12 percent. The offering is three times what Cerberus initially planned — the hedge fund giant announced in early March that it wanted to increase its stake...
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