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Japan Asia : Veteran activist Murakami gains majority in Japan Asia Group

Japan Asia : Veteran activist Murakami gains majority in Japan Asia Group
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UPDATE 1-Murakami-linked fund backs out of bid for Japan Asia Group


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. ....

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