Mergers News
CORRECTED-Cerberus to try to lift Seibu stake to 44.7 pct, proposes 8 board members
Thu, Apr 04 23:25 PM EDT

(Corrects headline and lead to say Cerberus will try to lift stake.)

TOKYO, April 5 (Reuters) - Cerberus Capital Management LP will try to lift its stake in Japanese railway and real estate group Seibu Holdings to 44.7 percent from the original target of 32.4 percent, according to a regulatory filing on Friday.

The U.S. private equity firm, which has been trying to boost its stake in Seibu, has also put forward eight nominees to join Seibu's board, including former U.S. Vice President Dan Quayle.

In 2005 Cerberus led a bailout of Seibu, which also operates department stores and hotel chains, after Seibu Railway, a predecessor to the current company, was delisted as a result of making a false entry in its securities report. (Reporting by Junko Fujita; Writing by James Topham; Editing by Stephen Coates)

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