Japanese online financial group SBI Holdings Inc. said Wednesday it will extend its unsolicited tender offer for Shinsei Bank until Dec. 8, as requested by the bank, to avoid "unnecessary confusion" among shareholders.
In a potential pause in the escalating tensions between the two, SBI acquiesced to Shinsei, which had dangled the threat of carrying out some of its defense measures against SBI's hostile takeover bid.
SBI is seeking to raise its stake in Shinsei from the current 20% to 48% in the tender offer, launched in early September.