TOKYO (Reuters) – U.S. proxy advisory firm ISS has joined Glass Lewis & Co in recommending shareholders of Japan’s Shinsei Bank Ltd vote for the lender’s plan for a poison pill defence against an unsolicited $1.1 billion bid from SBI Holdings Inc.
In a statement dated Nov. 7, ISS said the takeover defence was warranted partly because Shinsei Bank “appears to try to leverage the pill as a tool of negotiation with SBI Holdings to extract better terms by attaching two reasonable conditions, from which shareholders should benefit.”
(Reporting by Makiko Yamazaki; Editing by Chang-Ran Kim)
