Bain Capital Private Equity has raised its tender offer price for Japanese printing services firm Kosaido by 14.7 per cent, according to a stock exchange filing.
The investor has revised its bid from 610 yen per share to 700 yen for the total 24.9 million shares of Kosaido, valuing the firm at about $157 million.
The Japanese company is deemed delisted following the management buyout.
“Privatisation is the most effective means for improving the company’s corporate value,” it said in the regulatory document.
The transaction will be implemented by Bain Capital’s wholly owned subsidiary KK BCJ-34.
If the offer is completed with KK BCJ-34 receiving at least 90 per cent of the total voting rights of Kosaido, the bidder will demand the sale of all remaining shares.
If the threshold is not met, Kosaido will be required to propose a reverse stock split that the ratio at which the number of shares held by stockholders, excluding the bidder, will be less than one share.
As of March 31, 2014, Kosaido had 11 subsidiaries and four associated companies. The company reported sales of ¥36.46 billion ($334.36 million) for the fiscal year ending March of 2018. It is engaged in printing and publishing businesses, recruitment, funeral services and golf course operation.
Bain Capital Private Equity manages $93 billion in assets, and has made over 800 investments to date.