Investing.com– Topcon Corp (TYO:) rose sharply in Tokyo trade on Tuesday after Bloomberg reported the optical equipment maker is weighing takeover offers from private equity giants including KKR & Co LP (NYSE:) and EQT (ST:).
Topcon shares surged nearly 10% to 1,9280 yen- their highest level since July 2023.
Topcon held its first round of bids in September, narrowing its options to offers from KKR and EQT, the Bloomberg report said. Government-backed Japan Investment Corp also plans to bid for the firm in its second round of bids, which may happen by end-December.
Bloomberg said the offers also came as Topcon grapples with some activist investor pressure to unlock value.
The Topcon offers come amid heightened M&A activity among Japanese firms. 7-11 owner Seven & i Holdings Co., Ltd. (TYO:) received an unsolicited takeover bid from Canada’s Alimentation Couche Tard Inc (TSX:) earlier this year, while recent reports said Seven & i’s founding Ito family could take the firm private.
KKR is also reportedly considering an investment in Seven & i’s supermarkets unit.
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