November 24, 2017 / 4:08 AM / a year ago

KKR raises bid price for Hitachi Kokusai, extends tender offer period

TOKYO, Nov 24 (Reuters) - U.S. buyout fund KKR & Co has raised its offer price for Hitachi Kokusai Electric Inc to 3,132 yen a share from 2,900 yen, its second increase, according to a statement issued by Hitachi Kokusai.

KKR also extended the deadline for the tender offer - originally Friday - to Dec. 8.

KKR's 2,900 yen per-share bid to buy the chip-making machinery and communications and video equipment business of Hitachi Ltd was launched in October after its original proposal was put on hold.

KKR had agreed to buy Hitachi Kokusai in April in a deal valuing the company at 257 billion yen ($2.3 billion) or 2,503 yen per share. The plan was put on hold in August after a third-party committee said the terms of the deal could be disadvantageous to minority shareholders. (Reporting by Sam Nussey and Junko Fujita; Editing by Edwina Gibbs)

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