After a tender offer, Japanese online financial conglomerate SBI Holdings Inc (8473.T) acquired 53.74% of midsize lender SBI Shinsei Bank (8303.T).
After Friday’s tender offer, Shinsei will likely be delisted to allow it greater flexibility in recovering 349 billion yen ($2.43 billion) in public cash its predecessor bank received two decades ago in a government bailout.
Last month, SBI Holdings announced it would take SBI Shinsei Bank private and begin the tender offer, paying 2,800 yen per share for 154.2 billion yen.
Japan’s fourth-largest bank is SBI’s goal. It owns the largest online brokerage, an online bank, and asset management and has been buying up smaller lenders to develop a countrywide network.
