Seibu Holdings Inc. said Tuesday it opposes a takeover bid by its top shareholder, U.S. private equity firm Cerberus Capital Management LP, because the move could undermine the railway and hotel operator's corporate value.
Referring to Cerberus' proposed tender offer to raise its stake to more than one-third, Seibu Holdings President Takashi Goto told a news conference, "We will miss an opportunity to relist on a bourse if the takeover bid is conducted when the market environment is turning favorable."
A Cerberus spokesman said "it is regrettable that Seibu has expressed a negative opinion of our proposal."