October 11, 2017 / 10:30 AM / a year ago

Hitachi Kokusai says KKR raised offer price to 2,900 yen a share

TOKYO, Oct 11 (Reuters) - KKR & Co LP has raised its offer price for Hitachi Kokusai Electric Inc to 2,900 yen a share from 2,503 yen, the Japanese firm said on Wednesday, as the U.S. buyout firm revises terms deemed unsuitable for minority shareholders.

The offer compared with Hitachi Kokusai’s Wednesday closing share price of 3,115 yen.

KKR agreed in April to buy the chip-making equipment and video solutions business from Hitachi Ltd in a deal that valued the unit at about 257 billion yen ($2.29 billion).

In August, it said it would continue discussions with Hitachi Kokusai after a third-party committee reporting to the Japanese firm’s board said it did not support the terms.

$1 = 112.4100 yen Reporting by Junko Fujita; Editing by Christopher Cushing

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