U.S. private equity firm Cerberus Capital Management LP launched a selldown of up to $446 million in railway firm Seibu Holdings (9024.T), 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.

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