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TOKYO (Reuters) – Carlyle Group said on Tuesday it would increase its bid for energy and environmental services company Japan Asia Group (JAG) to 48 billion yen ($ 462.52 million), doubling the item by share and exceeding the value of an activist’s offer the fund said it was standing in line.
The global fund, working with JAG CEO Tetsuo Yamashita, is now offering to pay 1,200 yen per share, double the original terms of a management buyout launched last November, as well as a cash payment. Previously, the offer valued the target at 37 billion yen.
JAG shares jumped 7.2% to 940 yen on Tuesday. The announcement was made after the market closed.
Carlyle’s move comes after a Japanese fund backed by seasoned investor Yoshiaki Murakami said this month that it would make an offer of 840 yen per share for JAG, saying the price Carlyle offered was cheap.
Carlyle has also said he will extend the period of the takeover bid until February 9 from January 28.
Reporting by Junko Fujita; Edited by Kenneth Maxwell
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