Seibu Holding's management came under fire as Cerberus Capital Management LP publicly questioned the company's administration in hopes of shaking up its board before the company's shareholders meeting scheduled at the end of June.
Seibu Holdings, a Japanese railway and property company, was bombarded with critiques from Cerberus Capital Management, questioning the company's capability to manage its projects. This war of words have been going on for a month. The clash of the two companies sparked when Seibu filed an estimated $1 billion in initial public offering. Seibu and Cerberus disagreed on the terms of the said IPO.
The questions came in the form of a 22-page document, listing inquiries addressed to Takashi Goto, Seibu's president. The letter included criticisms on the company's misses on financial targets and policy on transparency.
A quote from the letter reads: "Please explain in a specific way so that shareholders, who have lost opportunities to trade shares over eight years since delisting, can be convinced."
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