Shinsei Bank has officially decided to oppose the takeover bid by SBI Holdings, a major online finance company.
It also decided to proceed with the procedure for invoking takeover defense measures, which led to an unusually hostile takeover bid in the banking industry.
SBI Holdings is conducting a takeover bid until December 8 with the aim of buying up to 48% of Shinsei Bank's shares.
In response, Shinsei Bank has reserved that it needs time to consider the pros and cons of the TOB, but on the 21st, it held a board meeting and decided to oppose the TOB.
The reason for the opposition is that SBI's goal of purchasing up to 48% of shares will be disadvantageous because it will be difficult for shareholders who do not respond to the TOB to reflect their opinions.
In addition, it has decided to hold an extraordinary general meeting of shareholders on the 25th of next month in order to discuss the implementation of takeover defense measures called "poison pills" that reduce the voting rights ratio of SBI.
However, if the SBI side raises the purchase price of 2000 yen per share and abolishes the acquisition ratio of up to 48%, it plans to apply for consultation with SBI after stating that it agrees with the TOB. It is said.
With Shinsei Bank's opposition, SBI's tender offer has evolved into the first hostile takeover bid in the banking industry.