Cerberus Capital Management LP would be willing to wait for three years until it can relist the Japanese railway and hotel firm it owns. Ceberus owns 32.43 of Seibu Holdings Inc, the owner of the railway and hotel operations chain.
Before the shares go public, Cerberus would want to increase its shareholdings in the company and also appoint three new directors in the board. On the other hand, Seibu wants to be publicly listed at the soonest possible time and is directly opposing the future plans of Cerberus.
The private equity firm has a portfolio valued at US$20 billion and has plans to raise its stake to 36.4% after it lead a bailout of the company from Nikko Principal Investments Japan Ltd back in 2005. According to its president, Takashi Goto, Seibu is 'financially prepared' for the relisting.
It must be remembered that Seibu was delisted from the Tokyo Stock Exchange back in 2004 after submitting wrong share statments of shareholders, in violation fo exchange rules.
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