Reuters - Seibu Opposes Cerberus Bid

Japanese railway and real estate group Seibu Holdings said on Friday it opposed Cerberus Capital Management LP's renewed attempt to boost its stake in the company to 44.7 percent, heating up a public battle between the two parties. Cerberus last week said it wanted to increase its stake to 44.7 percent from 32.4 percent, a higher target than the U.S. investment fund had initially set. Cerberus has been in the process of buying Seibu shares through a public tender offer. Seibu also opposes Cerberus's plans to send eight members that they recommend to Seibu's board, saying that some of the candidates are not independent from Cerberus.

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