Cerberus extends tender for Seibu

Kyodo

Cerberus Capital Management LP said Thursday it will extend its tender offer for Seibu Holdings Inc. shares for two weeks until May 31 as shareholders are still making inquires about the U.S. private equity firm’s offer.

Cerberus, which already holds a 32 percent stake in the railway and hotel operator, made no change to other tender offer terms, which include a ceiling of 44.6 percent on its stake in Seibu after the offer and the acquisition price of ¥1,400 per share.

The firm said it is still receiving inquiries from shareholders and may take about two weeks to prepare the relevant documents for them.

Cerberus is believed to have secured enough shares to boost its stake beyond one-third, getting power to veto special resolutions at a general meeting of shareholders, industry sources said.