The firm has offered JPY1,400 per share in an effort to increase its stake from 32.7 per cent to 44.7 per cent to increase its control over the company.
Seibu’s management has opposed Cerberus’ efforts to up its stake with president Takashi Goto saying no concessions would be made to Cerberus. He said the proposals from Cerberus would hurt Seibu’s mid- and long-term strategy.
In addition to raising its stake, Cerberus is also seeking to appoint eight new directors to the board, which would give it nine out of 18 seats.
Cerberus will reportedly up its stake to more than a third of the comapny, giving it the right to veto major board decisions.
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