Cerberus Capital Management LP, the biggest shareholder of Seibu Holdings Inc., failed to get its representatives appointed to the Japanese hotel operator's board, highlighting the challenges overseas investors face in the world's third-biggest economy.
New York-based Cerberus, which raised its stake in Seibu to 35.5 percent last month, had all its eight director candidates turned down by shareholders Tuesday, after Seibu President Takashi Goto vowed no concessions to the fund that helped bail out the company in 2006.
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