TPG, a US private equity corporation, expressed its intentions to invest in Seibu Holdings, a Japanese conglomerate. As stated by sources familiar with the matter, TPG would try to make its plans happen by purchasing a stake from Cerberus Capital Management, the principal stockholder or by acquiring new shares.
The sources who asked not to be identified added that TPG previously approached Seibu executives through a mediator. TPG believed in the potential that Seibu's establishments like the Prince Hotel group in Japan possessed.
However, the only way that TPG would make the proposal was if Seibu consents the kind of involvement it preferred. The informants also added that the interaction happened even before Cerberus presented a voluntary bid to increase its stake in Seibu.
TPG refused to comment while Seibu only articulated on its plans to continue a multi-billion relisting on Tokyo's market. The idea occured after it hindered an offer from Cerberus to revamp the administration.
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