Sbi Regional Bank Holdings, Inc. launched a tender offer to acquire an additional 27.3% stake in Shinsei Bank, Limited (TSE:8303) for approximately ?120 billion on September 8, 2021. As a part of the transaction, Sbi Regional Bank will pay ?2,000 per share for 58.2 million shares. SBI Regional Bank Holdings Co., Ltd. recommends Katsuya Kawashima, Hirofumi Gomi and Katsumi Hatao as candidates of new Directors. Shinsei Bank plans to hold an extraordinary general meeting of shareholders around early February 2022 in order to elect such candidates as new Directors. The current Directors intend to retire as soon as the new directors are elected. The transaction is subject to UK Financial conduct Authority, Parties exceeds 50% as a result of the Tender Offer, it may be necessary to obtain target management approvals and Financial Services Agency Commissioner. As of September 16, 2021, Shinsei Bank inform that he is meeting of the Board of Directors to be held on September 17, 2021 where to discuss relevant agenda items including the expression of opinion. Shinsei Bank will launch defensive measures known as a poison pill against an unsolicited takeover bid by SBI. As part of its defense, Shinsei plans to issue new shares to existing shareholders to dilute SBI's shareholdings. Shinsei will hold an extraordinary shareholders meeting to seek approval for the plan. As of October 11, 2021, shareholder's meeting is planned in late November 2021. Shinsei Bank's Independent External Directors have formed the Independent External Directors Council, which is composed entirely of five (5) independent External Directors who are independent from the Bank's management team that conducts business operations, for the purpose of further enhancing the fairness and objectivity of the evaluation and review process and the operation of the Plan. Shinsei's planned defense, pending?shareholder?approval, is to issue new?shares?to existing?shareholders?to dilute SBI's holdings. If the?tender offer?is successful, SBI aims to replace some or all of the current Shinsei Bank, Limited management. As of October 5, 2021, Shinsei Bank, Limited is expected to officially object on the tender offer. The Board of Directors of Shinsei Bank comes out against the transaction decided to reject the transaction in Board meeting to be held on October 18, 2021. The shareholder of Shinsei Bank meeting will be held on November 25, 2021. The transaction has been rejected by the Board of Shinsei Bank, Limited. It might turn to hostile takeover. As of October 18, 2021, the Board of Directors of Shinsei Bank inevitably decided to extend the Board of Directors' Evaluation Period by three (3) days and until October 21, 2021, as the Evaluation is taking a time due to a number of items to review for the Evaluation. As of November 22, 2021, Japanese government plans not to support the transaction. As on November 24, 2021, Shinsei Bank, Limited announces that its Board of Directors unanimously resolved that it will revise its opposing opinion as previously announced to neutral and cancel the extraordinary general meeting of shareholders? scheduled to be held on November 25, 2021, as the countermeasures under the Takeover Defense Measures have become unnecessary. The tender offer closing date date is November 1, 2021. As of September 17, 2021, Shinsei Bank has requested SBI to file an amendment to the Tender Offer Registration Statement by noon of September 30, 2021 to extend the tender offer period to December 8, 2021. As on September 24, 2021, SBI Holdings would extend the deadline of unsolicited tender offer from October 25, 2021, to November 24, 2021, for Shinsei Bank. As of September 29, 2021, Offer has been extended to December 8, 2021 as requested by Shinsei Bank. As of November 26, 2021, Offer has been extended to December 10, 2021. SBI Securities Co. Ltd. acted as a transfer agent to SBI Holdings. Citigroup Global Markets Japan Inc. acted as financial advisor and Nishimura & Asahi acted as legal advisor for SBI Regional Bank Holdings. Glass Lewis & Co., LLC and Institutional Shareholder Services Inc acted as proxy advisor for Shinsei Bank to support its takeover defense plan.