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Japan's Shinsei reiterates call for SBI to extend bid period to 60 days

Japan's Shinsei reiterates call for SBI to extend bid period to 60 days

FILE PHOTO: A woman walks past a logo of the Shinsei Bank at its branch in Yokohama, south of Tokyo, June 23, 2010. REUTERS/Issei Kato/File Photo

TOKYO : Shinsei Bank on Monday reiterated its request that SBI Holdings extend the period of its unsolicited US$1.1 billion tender offer bid to 60 business days, rejecting SBI's offer to extend it to 50 business days.

Shinsei's board determined that the 60 days are "necessary to confirm the shareholders' general opinion and is in the common interests of shareholders as a whole," it said in a statement.

SBI said last week it would extend the deadline to Nov. 24 from Oct. 25 if Shinsei agreed to meet certain conditions, including Shinsei hold a shareholder meeting by Nov. 17 to seek approval for its planned poison-pill defence against SBI's bid.

(Reporting by Makiko Yamazaki; Editing by Ritsuko Ando)

Source: Reuters

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