US KKR to raise the bid for Hitachi Electric's acquisition and extend the validi

Hitachi International Electric (6756.T) said in a statement, the US private equity fund KKR & Co (KKR.N) has raised its bid for the company from 2,900 yen per share to 3,132 yen, which is the second price increase.

KKR will also extend the validity of the offer from the initial Friday to December 8.

After the initial offer was put on hold, KKR proposed in October to acquire Hitachi International Electric at a daily limit of JPY2,900. Hitachi International's business involves chip manufacturing equipment, communications and video equipment.

KKR agreed to acquire Hitachi Electric in April for a valuation of 2,570 billion yen (2.3 billion U.S. dollars) or 2,503 yen per share. But a third-party committee said the terms of the deal could be detrimental to minority shareholders after the scheme was shelved in August.