Kubota Corp., the Japanese maker of industrial machinery, raised its offer for Kverneland ASA to 1.62 billion kroner ($276 million), trumping counter bids from CNH Global NV and Chery Heavy Industries Co. Ltd.
Kubota increased the offer to 10.5 kroner a share and secured an irrevocable agreement for the 31.8 percent stake held by Umoe AS, the Kvernaland, Norway-based company’s largest shareholder, Kverneland said in a statement.
The Japanese manufacturer’s bid of 8.5 kroner a share on Dec. 16 for western Europe’s fifth-largest maker of farm machinery and equipment by sales sparked counter offers of 9.5 kroner a share on Dec. 19 from Wuhu, China-based Chery and Fiat Industrial SpA-controlled CNH.
Kverneland Chairman Jens Ulltveit-Moe, who with family members owns Umoe AS, also said he will sell 100,000 shares owned by Kagra Gruppen AS through the offer, the company said.
Kverneland rose as much as 3 percent to 10.45 kroner at 9:27 a.m. in Oslo. The stock has jumped 61 percent this year.