J.C. Flowers is selling most of its stake in Shinsei Bank after 19 years. With Japanese lenders staggering, cashing out now of what has overall been a lucrative deal makes sense. AlecMac11:
J.C. Flowers & Co is selling most of its stake in Shinsei Bank, the Japanese lender said in a statement on Aug. 8.
Funds affiliated with the U.S. private equity firm, along with founder J. Christopher Flowers and Managing Director Thierry Porté, are selling 43.5 million Shinsei shares through a secondary offering. The sale will reduce the group’s holding from 21.4% to 3.8% of outstanding shares, including treasury stock.Shares in Shinsei fell as much as 10.8% to 1,452 yen in early morning trading in Tokyo on Aug. 9.
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