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Shinsei Bank says it is still considering response to SBI's bid

TOKYO : Japan's Shinsei Bank said on Wednesday no decision has been made on its response to an unsolicited US$1.1 billion bid by SBI Holdings following a media report that it plans to introduce a poison-pill defence.

"It is true that Shinsei Bank is currently considering various measures to respond" to SBI's tender offer, the Tokyo-based lender said in a statement.

"However, it is not factual that a decision has been made at this time," it said, adding that any decisions would be disclosed in a timely manner.

The Nikkei financial daily reported on Tuesday that Shinsei Bank's board could meet this week to discuss a possible issuance of stock warrants to existing shareholders to dilute the holdings of SBI.

Shinsei Bank is also talking to potential white knights, including Seven & i Holdings and Sony Group Corp, the Nikkei reported.

Shares of Shinsei Bank dropped more than 3per cent briefly early Wednesday, while SBI shares tumbled more than 4per cent before recouping part of its loss.

SBI last week announced an offer to buy a near majority stake in Shinsei Bank to take effective control of the lender, as SBI aims to become Japan's fourth largest banking group.

(Reporting by Makiko Yamazaki; editing by Richard Pullin)

Source: Reuters


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