Cerberus pulls out of Seibu IPO as pricing slashed - Reuters

Japanese railway and property conglomerate Seibu Holdings slashed the price of its initial public offering and said its largest shareholder, US private equity firm Cerberus, would not participate in one of Japan's biggest IPOs this year, writes Reuters. Seibu dropped the tentative price of its IPO by as much as 30 percent to 1,600 to 1,800 yen per share from the initial estimate of 2,300 it had announced in March.

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