City Index Eleventh would offer $8.05 per share.
A Japanese fund backed by veteran investor Yoshiaki Murakami plans to make an 18 billion yen ($173m) bid for energy and environment firm Japan Asia Group (JAG), topping a management buyout offer backed by Carlyle Group, according to a report from Reuters.
City Index Eleventh said on Thursday it would offer 840 yen ($8.05) per share for JAG, a 40% premium to Carlyle’s offer of 600 yen ($5.75).
Global buyout fund Carlyle teamed up with JAG’s chairman and CEO Tetsuo Yamashita in November to launch the management buyout that values JAG at 16.4b yen ($0.16b) and is worth 37b ($0.35) yen in total, including two other JAG businesses.
JAG shares have more than doubled since 4 November, the day before that announcement, reaching 785 yen ($7.53) on Thursday.
JAG was not immediately available to comment on City Index Eleventh’s proposal. Carlyle declined to comment.
Here's more from Reuters.
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