Global PE firm Carlyle withdraws bid for Japan Asia Group

Photo: Reuters

Global private equity firm Carlyle Group on Wednesday withdrew its bid to buy energy and environment firm Japan Asia Group (JAG) in a deal worth 48 billion yen ($459 million), as a Japanese activist fund beat its offer.

“The bid did not attract minimum shares needed to succeed so we are going to cancel the bid,” Caryle said in a statement.

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