HONG KONG, April 26 (Reuters) - U.S. private equity firm Cerberus Capital Management LP launched a selldown of up to $446 million in railway firm Seibu Holdings, IFR reported on Wednesday, citing a term sheet of the transaction.
Cerberus is offering 25 million shares of Seibu at a discount of between 0.5 percent and 1.5 percent to their Wednesday closing price of 1,999 yen each, added IFR, a Thomson Reuters publication.
A Tokyo-based official at Cerberus declined to comment, while a spokesman for Seibu said the company had no comment on the selldown.
The New York-based firm led a bailout of Seibu in 2006, but clashed with the board over IPO timing that did not take place until 2014. The fund unsuccessfully tried to take control of the company's board and has since been reducing its stake in Seibu. (Reporting by Robert Hartley of IFR; Additional reporting by Junko Fujita in Tokyo; Writing by Elzio Barreto; Editing by Gopakumar Warrier)