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. cerberus then executed a tender offer to increase its stake to 35% as of june 2013, giving cerberus the power to veto shareholder resolutions. cerberus had aimed to raise its stake to 44%, bringing it closer to an outright majority, but seibu management engaged in a massive campaign to thwart the tender offer, including advertising within seibu trains to passengers who owned stock. the east japan railway company and several financial institutions also planned a support scheme to keep cerberus from acquiring control of seibu, but it was ultimately not implemented due to a lack of potential financial benefit for the investors. at the june 2013 shareholder meeting, several proposals by cerberus were voted down, including the election of outside directors and the abolition of non-core lines.