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Bain raised its offer price for Nichiigakkan to 1,670 yen from 1,500 yen after the market close on Friday as activist fund Effissimo Capital Management, which owns about 12% of Nichiigakkan, agreed to tender its shares to Bain.
Shares in Tokyo-based Nichiigakkan equalled the new offer price of 1,670 yen in early trade on Monday after rising 8.4%.
Hong Kong-based investment fund Lim Advisors, which owns a stake of an undisclosed size in Nichiigakkan, said on Monday the revised offer price remains substantially below fair value, which it estimates at about 2,400 yen a share.
Lim Advisors previously said Bain appeared to take advantage of coronavirus-related weakness in the share price it first launched a public offer in May. Bain Capital susbequently extended deadlines for the bid as the stock continued to trade higher than its offer price.
