Cerberus Capital Management LP is pursuing its bid for greater control of Japan's Seibu Holding as it tries to increase its stake to 44.7 from 32.4 percent.
It has also proposed eight members to the board, including former U.S. Vice Chairman Dan Quayle, chairman of Cerberus Global Investments. If Cerberus' bid succeeds, 9 out of 18 directors would be nominees of the company.
Last March, the U.S. private equity firm moved for the increase in its stake to 35.44 percent and nominated three new directors. The Seibu management, however, opposed the proposed changes.
Among other issues, one of the recent issues in which Cerberus had a clash with Seibu management was over the terms of a multi-billion dollar stock market listing that was planned for 2012
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