Cerberus want to raise its 32.4 per cent stake to 36.4 per cent and appoint three new directors according to Bloomberg, which said the company opposes the plan.
The firm is prepared to wait two to three years before a public listing, it said, which would mean Seibu had been off the Tokyo stock exchange for more than a decade.
Cerberus Asia Capital Management and Nikki Principal Investments Japan are thought to have injected about $1.38bn in the business when they bought into it in 2005.
The rail operator expects its net income to rise to $132m in the year ending this month, up from about $89m for the last fiscal year.
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