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KKR raises bid price for Hitachi Kokusai, extends tender offer to Dec 8

Shares in Hitachi Kokusai have been trading above the earlier offer price, an indication that investors are putting pressure on KKR to sweeten its bid further

Reuters  |  Tokyo 

KKR raises bid price for Hitachi Kokusai, extends tender offer to Dec 8

US buyout LP has raised its offer price for Japan's Electric Inc to 3,132 yen a share from 2,900 yen, its second increase, according to a statement issued by on Friday.

KKR also extended the deadline for the - originally Friday - to December 8.

KKR's 2,900 yen per-share bid to buy the chip-making machinery and communications and video equipment business of Hitachi Ltd was launched in October after its original proposal was put on hold.

KKR had agreed to buy in April in a deal valuing the company at 257 billion yen ($2.3 billion) or 2,503 yen per share.

The plan was shelved in August after a third-party committee said the terms of the deal could be disadvantageous to minority shareholders.

Shares in have been trading above the earlier offer price, an indication that investors are putting pressure on KKR to sweeten its bid further.

shares were up 1.37 per cent at 3,335 yen at 0420 GMT.

KKR had already improved its offer price in October after US hedge disclosed its ownership in

Elliott, known for buying stakes in firms in the middle of takeovers or acquisitions and seeking better deals for shareholders, boosted its stake in to 8.59 per cent last month.

First Published: Fri, November 24 2017. 12:03 IST
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