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KKR Lifts Hitachi Kokusai Bid a Second Time as Shares Rally

  • Buyout firm offers 3,132 yen a share for chip-systems maker
  • Elliott Management has raised holdings in Hitachi Kokusai
A member of the media uses a smartphone to photograph a Class 800 Intercity Express train, produced by Hitachi Ltd., as it stands on the dockside following its unloading from the Tamerlane roll-on roll-off transporter ship, operated by Wallenius Wilhelmsen, at the Port of Southampton in Southampton, U.K., on Thursday, March 12, 2015. The five-car train produced for the Great Western train route, is one of 12 to be built at Hitachi's Kasado Works, with the remaining 110 to be manufactured at the company's new Newton Aycliffe site in the U.K..

Photographer: Chris Ratcliffe/Bloomberg

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KKR & Co. raised its offer for Hitachi Kokusai Electric Inc. a second time after a rally in the shares of the chip-systems maker spurred many investors including Elliott Management Corp. to seek a higher price from the buyout firm.

The New York-based private-equity company increased its October bid by 8 percent to 3,132 yen a share Friday, compared with its last closing price of 3,290 yen. The latest development values the target at about $3 billion.