Japanese online financial conglomerate SBI Holdings Inc said on Saturday it has raised its stake in SBI Shinsei Bank to 53.74% from 50.04% through a tender offer as a step toward taking the midsize lender private.
The completion of the tender offer on Friday helps prepare for the expected delisting of Shinsei, allowing more flexibility in returning 349 billion yen in public funds its predecessor bank received two decades ago in a bailout from the government, which still owns a 22.98% stake.
Shares of Shinsei, which closed at 2,807 yen on Friday, have remained above 2,800 yen since the announcement on speculation that some shareholders may demand a sweetened offer. According to Shinsei's filing, its special committee suggested the bank was worth at least 3,000 yen per share, and one independent director opposed recommending shareholders tender their shares.
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