A top official of Tokyo Broadcasting System Inc. said Wednesday it will continue to try to secure "stable" shareholders to ward off a potential hostile takeover by Internet shopping mall operator Rakuten Inc.

"It is natural that we ask shareholders and institutional investors who understand our management policies to purchase our shares," President Hiroshi Inoue said at a news conference in Osaka.

He also said there was no plan to meet Rakuten President Hiroshi Mikitani.

His comments came after a Rakuten executive told TBS on Tuesday it would stop increasing its stake in TBS if the TV broadcaster stopped its efforts to increase the number of stable shareholders -- those parties pledging to hold onto their stakes for a long period of time.

In making the ceasefire proposal, Rakuten Vice President Atsushi Kunishige also said that Rakuten would not stick to its integration proposal if TBS came to the negotiating table to discuss some form of alliance.

TBS has been in a standoff with Rakuten since the Internet firm last month proposed integration under a joint holding company on the strength of its TBS share purchases. By Oct. 26, Rakuten's stake in TBS had risen close to 20 percent.

"Rakuten should withdraw the integration proposal first," a senior TBS official told reporters in response to Tuesday's peace offering by Rakuten.

The TBS official, who asked not to be identified, said Rakuten is attempting to start negotiations with TBS on the strength of its stake in the TV broadcaster.

"Rakuten should reduce or promise to reduce its stake in TBS," he said.

The TBS official also said any new alliance proposal should come from Rakuten. The broadcaster has no intention of coming up with a proposal, he said.