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    8303   JP3729000004

SHINSEI BANK LIMITED

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Shinsei Bank drops defense plan against SBI's hostile takeover

11/24/2021 | 05:58am EST

Shinsei Bank said Wednesday it will drop its plan to launch a defense against a hostile takeover bid by SBI Holdings Inc., making it almost certain that the midsize Japanese lender will come under the wing of the major online financial group.

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 Japan's banking sector has never seen a hostile takeover.

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 Hirofumi Gomi, a former head of the Financial Services Agency, and hold an extraordinary shareholders' meeting in February to seek approval.

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 Dec. 8 had appeared dim.

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 Bank of Japan's negative interest rate policy amid the prospect of a shrinking population.

The financial group headed by CEO Yoshitaka Kitao aims to revamp Shinsei's management and pave the way for the repayment of some 350 billion yen ($3 billion) in public funds, by taking effective control of the bank that has strengths in consumer loans and credit card businesses.

Shinsei's predecessor, the Long-Term Credit Bank of Japan, was one of the major lenders during the country's high-growth period but it collapsed in 1998 after the asset bubble burst. It was temporarily nationalized.

==Kyodo

© Kyodo News International, Inc., source Newswire

Stocks mentioned in the article
ChangeLast1st jan.
BANK OF JAPAN 0.00% 27000 Delayed Quote.4.29%
SBI HOLDINGS, INC. -2.17% 3155 Delayed Quote.4.63%
SHINSEI BANK LIMITED -2.36% 2069 Delayed Quote.16.23%
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Financials
Sales 2022 228 B 1 990 M 1 990 M
Net income 2022 42 906 M 374 M 374 M
Net Debt 2022 - - -
P/E ratio 2022 10,6x
Yield 2022 0,58%
Capitalization 442 B 3 860 M 3 855 M
Capi. / Sales 2022 1,94x
Capi. / Sales 2023 1,85x
Nbr of Employees 5 711
Free-Float 22,7%
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Mean consensus HOLD
Number of Analysts 7
Last Close Price 2 120,00 JPY
Average target price 2 118,33 JPY
Spread / Average Target -0,08%
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Managers and Directors
Hideyuki Kudo President, CEO & Representative Director
Michiyuki Okano Head-Group Information Technology
Akira Hirasawa Director, Chief Legal & Compliance Officer
Kyohei Matsumoto Chief Group Legal & Compliance Officer
Minoru Hirayama Senior Manager-Group Finance & Administration
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