New York-listed KKR has executed its largest takeover deal
in Japan and become the first foreign buyer to have conducted a
tender offer in the country, despite multiple antitrust filings
delaying the launch.
Nissan-backed, Tokyo-listed auto-parts maker Calsonic Kansei
announced on November 22 last year that KKR would make a
JPY498.3 billion ($4.5 billion) takeover bid for over 267
million of its common shares, priced at JPY1,860 apiece. This
followed a nearly five-month bidding war among the private
equity giant, Bain Capital and MBK Partners.
But counsel involved in the transaction said that the
compulsory filing of merger control clearance from multiple
jurisdictions resulted in KKR launching the transaction three
months after the deal was announced.
"Because of the antitrust filings and other procedures, we
needed to have some lead time between the announcement and
launch of the tender offer," said a lawyer involved in the