HONG KONG Jan 12 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