Seibu Shoots Down Cerberus Tender Offer, Board Nominees

Law360, New York (April 12, 2013, 3:44 PM EDT) -- Japanese railway and hotel company Seibu Holding Inc. reaffirmed its opposition Friday to Cerberus Capital Management LP's attempt to boost its stake in the firm to nearly 45 percent and rejected Cerberus' plan to nominate eight new board members.

Seibu said that Cerberus' tender offer to increase its stake in the firm to 44.7 percent shows that the hedge fund giant is trying to control the Japanese company. Cerberus' eight planned nominees for Seibu's board, who include Cerberus Chairman and former U.S. Vice President Dan Quayle,...
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