![]() The government move is in line with its position of urging companies not to take defense measures against a takeover to protect existing management, according to the sources. The government, which owns an about 20% stake in Shinsei Bank, is believed to have given some credit to a growth plan proposed by SBI. To activate the defense, Shinsei Bank needs to obtain support from a majority of shareholders participating in the meeting, including those who exercise their voting rights beforehand. Shinsei’s planned defense is to issue new shares to existing shareholders to dilute SBI’s holdings.
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