Market Chatter: KKR Tables Higher Bid for Japan's Mandom Amid Buyout Offer

MT Newswires Live12-16 09:21

U.S. private equity group KKR has proposed a higher offer to acquire Japanese personal care products maker Mandom (TYO:4917), topping the tender offer now under way as part of a management buyout, Nikkei reported Tuesday.

KKR is prepared to offer more than 2,800 yen a share, over 10% above the 2,520 yen bid from CVC Capital Partners-backed Kalon Holdings. KKR has said it would proceed only with board support and would not pursue a hostile bid, with a tender offer possible as early as next month, according to the report.

Mandom withdrew its recommendation for Kalon's offer in November after funds linked to activist investor Aya Nomura built a stake and argued the price was too low. Kalon raised its bid in response, with the offer period ending this week, the report said.

If successful, KKR's move would be a rare case in Japan of a rival bid emerging during an ongoing management buyout, according to the report.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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KKR has said it would proceed only with board support and would not pursue a hostile bid, with a tender offer possible as early as next month, according to the report.Mandom withdrew its recommendation for Kalon's offer in November after funds linked to activist investor Aya Nomura built a stake and argued the price was too low. Kalon raised its bid in response, with the offer period ending this week, the report said.If successful, KKR's move would be a rare case in Japan of a rival bid emerging during an ongoing management buyout, according to the report.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. 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