In late 2012 and early 2013, Cerberus proposed that Seibu Railway abolish five non-core lines, along with other restructuring measures throughout the Seibu Holdings group, but management refused to implement these changes.
, Yoshiaki Tsutsumi remains a major investor in Seibu Holdings through his 36% investment in NW Corporation, the second-largest shareholder in the company with a share of around 15%. Tsutsumi refused to respond to the Cerberus tender offer at the urging of Seibu management [REF].