TOKYO (Reuters) – A fund backed by activist investor Yoshiaki Murakami raised its stake in Japan’s Shinsei Bank, the target of a $1.1 billion takeover bid by SBI Holdings Inc.
The Murakami-linked City Index Eleventh fund has been steadily increasing its ownership in Shinsei. The fund along with S-Grant Corp and other investors now hold 9.16% from 8.14% previously, according to a regulatory filing on Tuesday.
Shinsei said last month it would cancel plans to introduce a poison pill defence aimed to block the takeover bid from online financial conglomerate SBI Holdings.
(Reporting by Rocky Swift in Tokyo; Editing by Tom Hogue)
