Skift Take
U.S. companies rarely have succes getting board seats at Japanese companies, and Cerberus' combination of bravado and poor choices (hello, Mr. Laughingston Vice President) are only adding to its woes.
Seibu Holdings Inc. met with Cerberus Capital Management LP, its largest shareholder, today for the first time since the fund lost a fight for board seats, to discuss how to “move forward.”
Norinchukin Bank and Development Bank of Japan Inc., the largest lender of the hotel and train operator, also attended the meeting, Shuhei Akasaka, a spokesman for Seibu, said by telephone today. He declined to provide details of the meeting.
Cerberus, which failed in its bid to have eight directors elected to Seibu’s board on June 25, aims to improve profitability at Japan’s fourth-largest hotel operator before selling shares to the public. Seibu President Takashi Goto has said he won’t offer “any concessions” to Cerberus.
“It’s a good sign,” said Nicholas Benes, a representativ
