Shinsei had objected to SBI's unsolicited tender offer to raise its stake from around 20 percent to 48 percent. An extraordinary shareholders' meeting of Shinsei planned for Thursday to seek approval for the defense plan was canceled.
SBI's move has been in the spotlight because
Shinsei's last-minute change of mind came after SBI agreed to respect the lender's management stance and growth strategy, and to jointly boost its corporate value, the bank said.
Shinsei said it will accept three candidates picked by SBI to serve as its board members, including
Shinsei had sought to block the takeover attempt by taking a poison pill defense, or issuing shares to existing shareholders to dilute SBI's stake.
The prospects for Shinsei to win approval for its defense plan against the tender offer from September to
Two major proxy advisory firms recommended that shareholders vote for the launch of the defense while the government, which holds over a 20 percent stake in Shinsei, was considering voting against it, according to sources with knowledge of the situation.
SBI has an ambitious goal of becoming a fourth Japanese megabank and has formed alliances with regional banks facing tough times under the
The financial group headed by CEO
Shinsei's predecessor, the
==Kyodo
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