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    8473   JP3436120004

SBI HOLDINGS, INC.

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SBI : Japan's SBI to extend offer for Shinsei by a month on some conditions

09/23/2021 | 11:56pm EDT

TOKYO, Sept 24 (Reuters) - Japanese financial conglomerate SBI Holdings said on Friday it would extend the deadline for its $1.1 billion unsolicited tender offer for Shinsei Bank to Nov. 24 from Oct. 25 if Shinsei agreed to meet certain conditions.

SBI, which owns Japan's largest online brokerage, operates an online bank and has stakes in multiple regional banks. It is planning to increase its stake in Shinsei to as much as 48% from 20% to take effective control of the lender.

Struggling to find ways to thwart the takeover, Shinsei said https://www.reuters.com/business/shinsei-bank-plans-poison-pill-defence-against-sbis-11-bln-bid-sources-2021-09-17 last week if its board decided that SBI's bid would damage its corporate value, it would seek shareholder approval on an undecided date to issue stock warrants to existing shareholders, a measure that would dilute SBI's stake.

It was also requesting a deadline extension for the tender offer to Dec. 8.

In a letter that was released publicly responding to Shinsei's request for an extension, SBI cited four conditions that needed to be met, including that the Shinsei board explain specific grounds as to why SBI's bid could damage corporate value.

SBI also demanded Shinsei hold a shareholder meeting by Nov. 17 to seek approval for its planned poison-pill defence against SBI's bid. It would extend the deadline if Shinsei failed to win the majority approval required for the defence measure, it said.

SBI is considering what to do if the measure is approved by shareholders, a company spokesperson added.

Separately on Friday, Shinsei said it would temporarily suspend buybacks of its shares worth up to 20 billion yen ($181 million) as SBI's tender offer had changed the pricing process of the shares.

Shinsei may restart buybacks after a termination or withdrawal of the tender offer, it said. ($1 = 110.5000 yen) (Reporting by Makiko Yamazaki; Editing by Muralikumar Anantharaman, Robert Birsel)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
SBI HOLDINGS, INC. 0.47% 3010 End-of-day quote.23.01%
SHINSEI BANK, LIMITED -0.32% 1891 End-of-day quote.48.78%
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Financials
Sales 2022 535 B 4 687 M 4 687 M
Net income 2022 72 267 M 633 M 633 M
Net Debt 2022 614 B 5 384 M 5 384 M
P/E ratio 2022 10,8x
Yield 2022 4,26%
Capitalization 736 B 6 439 M 6 448 M
EV / Sales 2022 2,52x
EV / Sales 2023 2,66x
Nbr of Employees 9 209
Free-Float 98,4%
Chart SBI HOLDINGS, INC.
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SBI Holdings, Inc. Technical Analysis Chart | 8473 | JP3436120004 | MarketScreener
Technical analysis trends SBI HOLDINGS, INC.
Short TermMid-TermLong Term
TrendsNeutralNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 5
Last Close Price 3 010,00 JPY
Average target price 3 246,00 JPY
Spread / Average Target 7,84%
EPS Revisions
Managers and Directors
Yoshitaka Kitao President, CEO & Director
Shumpei Morita Senior MD, Head-Finance & Accounting
Katsuya Kawashima COO, Representative Director & Vice President
Masayuki Yamada Director, Manager-Compliance & Legal Affairs
Teruhide Sato Independent Outside Director
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