Cerberus, which has been buying shares in the Japanese railway and real estate group via a tender offer, last week said it wanted to up its stake to 44.7 per cent from 32.4 per cent, said Reuters.
It also wants to nominate a further eight members including Cerberus Global Investments director Dan Quayle to the board, which would give it nine out of 18 seats.
Seibu pointed out that some of the board candidates are not independent from Cerberus, adding that the firm was trying to control the company.
Last month Cerberus said it wanted to increase its ownership of the business to 36.44 per cent from 32.4 per cent and nominated three new members to the board of directors.
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 company 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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