TOKYO (Reuters) – SBI Holdings Inc on Friday said proxy advisory firms’ support of Shinsei Bank Ltd’s poison pill defence against its $1.1 billion takeover bid lacks sufficient logic.
In response to the Deposit Insurance Corporation of Japan, SBI also said it would retract its tender offer for Shinsei Bank should the poison pill defence be used.
If retracted, SBI said it would consider various options including selling all of its stake in Shinsei Bank.
However, if the tender offer is successful and the deal receives regulatory approval, SBI said it would consider raising its stake in Shinsei Bank to a majority.
(Writing by Christopher Cushing; Editing by Chang-Ran Kim)
