Cerberus Capital Management has stepped up its efforts to win greater control of Japanese rail and hotel operator Seibu by looking to increase its stake to 44.7 per cent.
In addition, the US-based private equity firm has proposed eight directors to the board, which would give it nine out of 18 seats, Reuters said.
One of the proposed directors is former US vice president and current Cerberus Global Investments chairman Dan Quayle.
Last month Cerberus said it was looking to up its shareholding in the business to 36.44 per cent from 32.4 per cent and nominated three new members to the board of directors.
The plans to increase Cerberus’ shareholding are opposed by the company’s management.
At that time, AltAssets reported that Cerberus could wait another three years to relist Seibu.
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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