President of the Japanese hotel and rail operator Takashi Goto said it will offer no concessions to Cerberus, according to Bloomberg.
He said, “We are not considering making any concession to Cerberus”.
Goto added that Seibu “definitely” objects the proposals made by Cerberus as they would “hurt Seibu Group’s mid- and long-term strategy”.
Cerberus, which has been buying shares in the Japanese railway and real estate group via a tender offer, said earlier this month that it wanted to up its stake to 44.7 per cent from 32.4 per cent.
It also intended to expand Seibu’s board to 18 members and add eight directors to give it nine seats.
Last month AltAssets reported that Cerberus could wait another three years to relist Seibu.
According to Goto, Seibu hasn’t held talks with Cerberus since March 11 and is “financially prepared” to relist.
Cerberus Asia Capital Management and Nikko 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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