KKR's tender offer for Japan's Hitachi Kokusai succeeds by slight margin

Photo: REUTERS/Toru Hanai

U.S. buyout fund KKR & Co LP managed a successful tender offer for Japanese semiconductor equipment maker Hitachi Kokusai Electric Inc by a razor-thin margin, winning 24.9 percent of the company, statements from the companies showed on Saturday.

KKR had sought at least about 24 percent of Hitachi Kokusai at 3,132 yen each in a contentious tender offer that closed on Friday. Parent Hitachi Ltd has agreed to sell its stake of just over 50 percent back to Hitachi Kokusai at 1,870 yen per share as part of the $2.2 billion deal.

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