By Reuters Staff
(Adds background, shares halted)
TOKYO, March 3 (Reuters) - A Japanese fund backed by veteran activist investor Yoshiaki Murakami cancelled its offer for energy and environment firm Japan Asia Group (JAG), after pressuring private equity firm Carlyle Group to withdraw a competing bid last month.
On Wednesday, City Index Eleventh said it was withdrawing its bid after JAG refused to cooperate with its efforts to carry out due diligence and announced a large, special dividend.
Murakami is one of Japan’s few, well-known activist shareholders. His typical strategy includes building up a stake in a company in the middle of a takeover and demanding that management boost its sale price.
Murakami-linked fund backs out of bid for Japan Asia Group financialpost.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from financialpost.com Daily Mail and Mail on Sunday newspapers.
Global private equity firm Carlyle Group on Wednesday withdrew its bid to buy energy and environment firm Japan Asia Group (JAG) in a deal worth 48 billion yen ($459 million), as a Japanese activist fund beat its offer.
Message :
Required fields
TOKYO (Reuters) - Carlyle Group said on Tuesday it would increase its offer for energy and environment services firm Japan Asia Group (JAG) 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.
Carlyle raises offer to acquire Japan Asia Group to $463m
Photo: Reuters
January 26, 2021
Carlyle Group said on Tuesday it would increase its offer for energy and environment services firm Japan Asia Group (JAG) 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.