Cerberus raps Seibu for nixing talks

Kyodo

U.S. private equity fund Cerberus Capital Management LP has rapped railway and hotel operator Seibu Holdings Inc. for refusing to negotiate with its largest shareholder.

The Cerberus statement Thursday emerged after Seibu voiced opposition last Friday to the U.S. fund’s tender offer to increase its stake from 32 percent to nearly 45 percent.

Cerberus also condemned Seibu for not involving it in its relisting efforts. Seibu won’t be able to relist its shares under these circumstances, it said.

Cerberus repeated that it has not urged Seibu to sell the Lions baseball team or terminate unprofitable railway services and that it has no intention to do so in the future.