Deposit Insurance Corp to oppose Shinsei's poison pill against SBI -NHK (updated)
22/11/2021 23:22
(Updates throughout)
TOKYO, Nov 23 (Reuters) - Government-owned Deposit Insurance
Corp of Japan is planning to vote against Shinsei Bank's
8303.T poison pill defence aimed at blocking SBI Holdings
Inc's 8473.T $1.1 billion bid, public broadcaster NHK reported
on Tuesday.
How the government votes on the defence strategy at a
shareholders meeting this week has been in focus as proxy
advisory firms have sided with Shinsei, possibly swaying the
vote of foreign investors who account for nearly 30% of
registered shareholders. urn:newsml:reuters.com:*:nL4N2RZ0IB
The government and SBI each own about 20% of Shinsei.
Online financial group SBI announced an offer to take a
near-majority stake in the mid-sized Tokyo-based lender in
September - an unsolicited bid that met immediate opposition
from Shinsei's management.
Proxy advisory firms Glass Lewis & Co and Institutional
Shareholder Services Inc (ISS), meanwhile, have recommended
shareholders vote for the lender's plan, with the latter saying
SBI's partial offer would leave shareholders unable to tender.
Recommendations from the two typically impact how foreign
investors vote.
The SBI-Shinsei battle comes at a time Japan is witnessing a
rise in hostile takeovers. But investors are also watching to
see if, under a new prime minister, it will roll back some
pro-market policies.
Shinsei Bank is due to hold an extraordinary shareholders
meeting on Thursday to put the poison pill defence to a vote.
(Reporting by Chang-Ran Kim
Editing by Chris Reese and Lincoln Feast)
((ran.kim@thomsonreuters.com; +81-3-4520-1228;))