KKR raises bid price for Hitachi

TOKYO: U.S. buyout fund KKR & Co LP has raised its offer price for Japan´s Hitachi Kokusai Electric Inc to 3,132 yen a share from 2,900 yen, its second increase, according to a statement issued by Hitachi Kokusai on Friday.
KKR also extended the deadline for the tender offer - 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 Hitachi Kokusai 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 Hitachi Kokusai have been trading above the earlier offer price, an indication that investors are putting pressure on KKR to sweeten its bid further.