• Kyodo

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Japanese online financial firm SBI Holdings Inc. launched Friday a tender offer to make smaller rival Shinsei Bank a subsidiary as part of SBI's attempts to become a "fourth megabank" in Japan, with buy orders pouring in for the bank's shares.

SBI's offer, through Oct. 25, was not approved by the Shinsei Bank board in advance and could end up in a hostile takeover. Shinsei Bank shares soared ¥300, or 20.8%, to close at ¥1,740 on Friday.

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