U.S. proxy advisory firm Glass Lewis & Co on Friday recommended shareholders of Japan's Shinsei Bank Ltd vote for the lender's plan for a poison pill defence against an unsolicited $1.1 billion bid from SBI Holdings Inc .
TOKYO Japan’s Shinsei Bank Ltd is forming a panel of independent directors to weigh its response to a takeover bid from SBI Holdings, so as to ensure the…
EDITORIAL: No lenience on Chinese investment
Fubon Financial Holding Co on Friday last week said it would extend its tender offer for Jih Sun Financial Holding Co by 50 days until March 23, as the company’s hostile takeover of its smaller rival has not yet gained approval from the Fair Trade Commission. The initial offer of NT$13 per share, announced on Dec. 18 last year, surprised the domestic financial sector, and was on Jan. 5 criticized by Jih Sun as too low.
Fubon’s bid has also raised questions from lawmakers and market watchers as to whether one of Jih Sun’s major shareholders has links to a Chinese investment entity, and if Fubon aims to help the rumored Chinese investor dispose of his stake in Jih Sun for cash. Government agencies, including the Financial Supervisory Commission (FSC), the Investment Commission and the Mainland Affairs Council, have reportedly launched probes into whether Chinese investors are involved.