CORRECTED: Gov’t to nix Shinsei Bank’s defensive steps against SBI takeover bid

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Kyodo News

The Japanese government is considering using its stake in Shinsei Bank to vote against its launch of a defense against a hostile takeover by online financial group SBI Holdings Inc., sources familiar with the matter said Monday. As the combined stake held by SBI and the government amount to around 40 percent, it appears unlikely that Shinsei Bank can win approval for the steps with majority backing at an extraordinary shareholders meeting on Thursday, the sources said. Shinsei’s planned defense is to issue new shares to existing shareholders to dilute SBI’s holdings. The government, which owns…

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