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Elliott again ups Hitachi Kokusai stake after KKR raises offer price
October 12, 2017 / 2:18 AM / 2 months ago

Elliott again ups Hitachi Kokusai stake after KKR raises offer price

TOKYO, Oct 12 (Reuters) - U.S. hedge fund Elliott Management Corp has raised its stake in Japan’s Hitachi Kokusai Electric to 8.59 percent from 7.11 percent, a regulatory filing showed on Thursday.

The filing came a day after KKR & Co LP raised its offer price for the Hitachi Ltd unit to 2,900 yen a share from 2,503 yen, improving the bid after a third-party committee reporting to Hitachi Kokusai said it did not support the initial terms.

Elliott, known for buying stakes in firms in the middle of takeovers or acquisitions and seeking better deals for shareholders, had last raised its stake in Hitachi Kokusai to 7.11 percent last month. (Reporting by Chang-Ran Kim; Editing by Chris Gallagher)

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