Hedge Fund Dalton Says Both Sides at Fault in Shinsei-SBI Fight

Jamie Rosenwald, CIO of Dalton Investments, was recently highlighted in a Japan Times article discussing the current takeover fight between Shinsei Bank Ltd. and SBI Holdings Inc. Mr. Rosenwald was quoted stating: “Neither side has given a convincing argument for its backing . . . .Shinsei should have found an alternative buyer willing to pay more, while SBI should bid for the entire company rather than just a partial stake.”  A takeover fight erupted for Shinsei in September 2021 when SBI launched a 2,000 yen a share tender offer to raise its holdings in the bank to about 48%.  Shinsei countered with the threat of a takeover defense plan, a so-called poison pill that would dilute SBI’s stake.   

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