KKR raises bid price for Hitachi
November 25, 2017
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.
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.
-
Hailee Steinfeld Spills Her 'no-phone' Rule With Husband Josh Allen -
Bowen Yang Gets Honest About Post SNL Life: 'It’s An Adjustment' -
Charlize Theron Delivers Strong Message At 2026 Winter Olympics Opening Ceremony -
Lil Jon Reacts To Son Nathan Smith's Death: 'Devastated' -
Bianca Censori Reveals Where She And Kanye West Stand On Having Children Together -
Taylor Swift Hypes Olympic Athletes In Surprise Video Message -
Timothy Busfield Charged With Four Counts Of Child Sexual Abuse -
Amy Schumer Explains Why Her Sudden Photo Surge Is ‘not A Cry For Help’ -
Kanye West First Contacted Bianca Censori While In Marriage To Kim Kardashian? -
Travis Kelce Reveals What His Nieces Really Do When He, Taylor Swift Visit -
Lola Young Makes Career Announcement After Stepping Back From Touring -
Priyanka Chopra Shares Heartfelt Message For Nick Jonas -
Spotify, Major Labels File $13b Lawsuit Over Alleged Music Scraping -
Travis Kelce Opens Up About Being Backup Plan For His Nieces -
Winter Olympics 2026: Chinese Robot Dance Goes Viral In Milan -
Jessica Biel Urged To Divorce Justin Timberlake?