TOKYO -- Kohlberg Kravis Roberts has brought its tender offer for shares of Hitachi Kokusai Electric to a fruitful close, ending months of takeover drama that drew notice for its twists and turns.
The offer would have fallen through had KKR failed to acquire at least 23.58% of outstanding Hitachi Kokusai shares by the Friday deadline. But the U.S. fund reached 26%, according to sources close to the matter. It solicited shares from minority holders of Hitachi Kokusai rather than from parent Hitachi, which has a 51.67% stake.
