In today’s briefing:
- SBI Shinsei Bank (8303 JP): SBI’s Contentious JPY2,800 Tender Offer
SBI Shinsei Bank (8303 JP): SBI’s Contentious JPY2,800 Tender Offer
- SBI Shinsei Bank (8303 JP) has recommended SBI Holdings (8473 JP)’s tender offer of JPY2,800 per share, a 12.6% premium to the undisturbed price (11 May).
- There is no minimum acceptance condition. SBI and irrevocables from government entities represent 73.02% of voting rights, ensuring the implementation of tender squeeze-out procedures.
- The special committee failed to unanimously recommend the offer. Minorities will feel short-changed as the outcome is predetermined and the offer tends to favour the government shareholders.
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