DEAL: KKR’s largest Japanese acquisition

Author: Brian Yap | Published: 5 Apr 2017

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 transaction....