Carlyle raises offer to acquire Japan Asia Group to $463m

Photo: Reuters

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.

JAG shares surged 7.2% to 940 yen on Tuesday. The announcement was made after the market closed.

The Carlyle move comes after a Japanese fund backed by veteran investor Yoshiaki Murakami said this month it would make offer 840 yen per share for JAG, saying the price offered by Carlyle was cheap.

Carlyle also said it would extend the tender offer period to Feb. 9 from Jan. 28. It also said the revised terms were final.

Reuters

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Following vacancies can be applied for (only in Singapore).   

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.