U.S. private equity fund Cerberus Capital Management LP said Friday it aims to raise its stake in Seibu Holdings Inc. to nearly 45 percent in an apparent bid to take the initiative in managing the railway and hotel operator.
Cerberus, already the largest shareholder in Seibu Holdings, has made a tender offer to boost its stake from the present 32 percent. Initially, it had planned to acquire 36.44 percent of the company, but the investment firm revised the target to 44.67 percent.
The fund, however, denied any intention of making Seibu Holdings a subsidiary. The deadline for the tender offer, originally set for April 23, will be extended to May 17, it added.