Lim Advisors presses Nichiigakkan for extension in Bain Capital offer -letter

TOKYO, June 16 (Reuters) - Investment fund Lim Advisors is pressing management of Nichiigakkan Co to extend the deadline of a tender offer from Bain Capital, according to a letter sent to management of the Japanese nursing home operator.

Hong-Kong based Lim is also asking Nichiigakkan to publicly discuss the process of the tender offer and demanding that the Japanese company’s special committee, set up to gauge the fairness of the transaction, should hire its own financial and legal advisor, the letter showed.

Bain, the U.S. buyout fund, is trying to buy out the company in a public tender offer scheduled to expire on June 22.

Lim, which has not disclosed the size of its stake, previously said Bain’s offer “substantially” undervalued the company and appeared to take advantage of COVID-19 related weakness in the share price. (Reporting by Junko Fujita; Editing by David Dolan)