BUSINESS / Companies

Seibu's shareholders nix Cerberus directors

Point, counterpoint: Louis Foster, senior managing director at Cerberus, and Seibu Holdings President Takashi Goto speak separately with reporters Tuesday after the Seibu general shareholders' meeting in Tokorozawa, Saitama Prefecture. | KYODO

Kyodo, Bloomberg

Jun 25, 2013

Shareholders of Seibu Holdings Inc. on Tuesday voted down a slate of directors proposed by its largest stakeholder, Cerberus Capital Management LP, apparently to exert more influence over a plan to relist the firm.

The U.S. private equity fund recommended eight people, including former U.S. Vice President Dan Quayle, for the board, against four members, including critic Eiko Oya, proposed by the management of the railway and hotel operator.

Cerberus, which held a 32.44 percent stake in Seibu as of the end of March, failed to secure a majority of votes needed to have its proposal approved after abandoning waging a proxy fight.

Seibu's shareholders nix Cerberus directors

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