December 8, 2017 / 11:09 PM / a year ago

KKR's tender offer for Hitachi Kokusai ends in success - Nikkei

Dec 8 (Reuters) - KKR & Co LP has brought its tender offer for shares of Japan’s chipmaking equipment Hitachi Kokusai Electric Inc to a successful end, the Nikkei reported on Friday, citing sources.

KKR would be spending roughly 250 billion yen ($2.2 billion) in total on the deal, the Japanese business daily reported. (

KKR had agreed to buy Hitachi Kokusai in April at 2,503 yen per share but the plan was shelved in August after a third-party committee set up by Hitachi Kokusai said the terms of the deal could be disadvantageous to minority shareholders.

In September, Elliott, known for buying stakes in firms in the middle of takeovers and seeking better deals for shareholders, disclosed a stake in Hitachi Kokusai, and as of November had boosted its holding to 8.59 percent. (

In November, KKR boosted its bid price for Hitachi Kokusai for a second time to 3,132 yen a share, and sought to buy at least a stake of about 23 percent and as much as 48.33 percent of the company.

The Nikkei said on Friday KKR was able to buy 26 percent of Hitachi Kokusai’s outstanding stock, as it solicited shares from minority holders of the Japan-based company rather than from parent Hitachi Ltd, which owns a 51.67 percent stake.

Hitachi Kokusai closed Friday at 3,155 yen, slightly above KKR’s latest offer price.

The news comes as KKR on Friday also agreed to buy industrial tool components manufacturer Hyperion from Sweden’s Sandvik in a deal worth 4 billion Swedish crowns ($471.6 million). (Reporting by Ankit Ajmera in Bengaluru)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below