1 Min Read
HONG KONG, Jan 12 (Reuters) - U.S. private equity firm Cerberus Capital Management LP launched a selldown of up to $308 million in railway firm Seibu Holdings, IFR reported on Thursday, citing a term sheet of the transaction.
Cerberus is offering 17 million shares of Seibu that will be priced at a discount of between 5.5 percent and 7 percent to their Thursday closing price of 2,076 yen each, added IFR, a Thomson Reuters publication.
A Cerberus official in Tokyo was not immediately available for comment on the sale, while Seibu declined to comment.
The New York-based firm led a bailout of Seibu in 2006, but clashed with the board over IPO timing that did not take place until 2014. The fund unsuccessfully tried to take control of the company's board and has since been reducing its stake in Seibu. (Reporting by Fiona Lau of IFR; Additional reporting by Junko Fujita in Tokyo, Writing by Elzio Barreto; Editing by Himani Sarkar)