Cerberus to Partially Exit Seibu to the Tune of $878M
May 26, 2015
Cerberus Capital Management has reportedly launched a sale of up to $878 million of its stake in Seibu Holdings (TKS: 9024). Backed by Cerberus for over nine years, Seibu operates rail, bus and taxi transportation services, hotels & resorts, construction, real estate and other businesses across Japan and Hawaii. According to reports, Cerberus is offering 33.75 million shares in a price range of ¥3,055 ($25.14) to ¥3,150 ($25.92), a discount of up to 7.4% to last Thursday's closing share price. The offer equates to approximately 10% of Seibu's outstanding shares and will leave Cerberus with a roughly 25% stake in the company.