SBI flags extension of tender offer if Shinsei Bank meets demands

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Kyodo News

SBI Holdings Inc. said Friday it will extend its unsolicited tender offer for Shinsei Bank by one month if the bank meets conditions set for it after a hostile takeover bid by the major online financial group raised tensions between the parties. SBI demanded Shinsei not attempt to buy time by posing “low-priority” questions, and that it hold an extraordinary shareholders’ meeting as soon as possible and in an equitable manner. If these conditions are met, the tender offer period will be pushed to Nov. 24, rather than the current Oct. 25, SBI said in response to Shinsei’s earlier request for an…

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