Shinsei Bank drops defense plan against SBI's hostile takeover

Shinsei Bank on Wednesday dropped its plan to launch a defense against a hostile takeover bid by SBI Holdings Inc., making it likely that the midsize Japanese lender will come under the wing of the major online financial group.Skeptical of the expected synergies and merits, Shinsei had objected to SBI's unsolicited tender offer to raise its stake from around 20 percent to a maximum of 48 percent, offering 2,000 yen ($17) per share. The bank canceled an extraordinary shareholders' meeting planned for Thursday to seek approval for the defense plan.Shinsei's last-minute change came as the laun…READ FULL ARTICLE