Japan’s Shinsei Bank to withdraw poison pill defence against SBI Holdings bid

The Shinsei Bank logo is pictured at the lobby of the bank in Tokyo October 22, 2010. REUTERS/Yuriko Nakao

Shinsei Bank said on Wednesday it will cancel plans to introduce a poison pill defence aimed at blocking SBI Holdings Inc’s $1.1 billion bid, paving the way for the online financial conglomerate to take effective control of the lender.

The decision comes as sources familiar with the matter have said the government, which owns about 20% of Shinsei, looked unlikely to support the poison pill that Shinsei had planned to put to a shareholder vote on Thursday.

Shinsei said it will cancel the shareholders meeting.

The lack of government support would have defeated Shinsei’s plan, with some hedge fund investors in favour of SBI’s bid, separate sources have said.

Shinsei said it plans to accept independent board director candidates that SBI has proposed and to hold an extraordinary meeting around early February to elect new directors.

The current directors intend to step down as soon as the new directors are elected, it said.

SBI announced an offer to take a near-majority stake in the mid-sized Tokyo-based lender in September – an unsolicited bid that met opposition from Shinsei’s management.

Reuters

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.