Carlyle Group said on Tuesday it would increase its offer for energy and environment services firm Japan Asia Group (JAG) to 48 billion yen ($462.52 million), doubling the per share element and topping the value of a bid an activist fund has said it’s lining up.
The global fund, in conjunction with JAG’s Chairman and Chief Executive Officer Tetsuo Yamashita, is now offering to pay 1,200 yen per share, double the original terms of a management buyout launched last November, along with a cash payment. Previously the bid valued the target at 37 billion yen.
