Carlyle raises offer to buy Japan Asia Group to $463 mln, tops planned bid by activist fund

Kosaido Holdings

26/01/2021 08:13

TOKYO, Jan 26 (Reuters) - Carlyle Group  CG.O  said on
Tuesday it would increase its offer for energy and environment
services firm Japan Asia Group (JAG)  3751.T  to 48 billion yen
($462.52 million), doubling the per share element and topping
the value of a bid an activist fund has said it's lining up. 
    The global fund, in conjunction with JAG's Chairman and
Chief Executive Officer Tetsuo Yamashita, is now offering to pay
1,200 yen per share, double the original terms of a management
buyout launched last November, along with a cash payment.
Previously the bid valued the target at 37 billion yen. 
    JAG shares surged 7.2% to 940 yen on Tuesday. The
announcement was made after the market closed. 
    The Carlyle move comes after a Japanese fund backed by
veteran investor Yoshiaki Murakami said this month it would make
offer 840 yen per share for JAG, saying the price offered by
Carlyle was cheap.  urn:newsml:reuters.com:*:nL1N2JP0N1
    Carlyle also said it would extend the tender offer period to
Feb. 9 from Jan. 28. It also said the revised terms were final. 
    
($1 = 103.7800 yen)
    

 (Reporting by Junko Fujita; Editing by Kenneth Maxwell)
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