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Cerberus plans to part-exit Seibu stake via IPO

14 Jan 2014

tokyo 11_sqPrivate equity firm Cerberus Capital Management is reportedly planning a partial exit from Japanese railway and hotel group Seibu.

Seibu will seek to relist in the coming months to allow Cerberus sell most of its $1bn-plus investment and end a public feud with the company, said Reuters, citing people familiar with the matter.

Seibu aims to list on the Tokyo Stock Exchange early in the financial year starting in April and could file an application for the sale as soon as Wednesday, said the sources.

Cerberus is expected to sell 20 per cent of the company, which is more than half of its 35.48 per cent stake.

Last year Cerberus raised its stake in Seibu via a tender offer, falling short of its goal of nearly 45 per cent. Seibu opposed the US firm’s efforts to increase its shareholding with president Takashi Goto saying that proposals from Cerberus would hurt the company’s mid- and long-term strategy.

Back in November 2005, Cerberus Asia Capital Management, Nikko Principal Investments Japan and other investors agreed to inject up to a total of Y160bn ($1.38bn) in Seibu, with Cerberus becoming the biggest shareholder.

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