A Japanese fund backed by veteran investor Yoshiaki Murakami has raised its offer for energy and environment firm Japan Asia Group (JAG), competing against a management buyout bid backed by Carlyle Group , Jiji News reported on Thursday.

City Index Eleventh raised its offer for JAG to 1,210 yen per share, the report said. The fund previously offered 840 yen per share, which prompted Carlyle to raise its offer last month.

The Carlyle Group is an American multinational private equity, alternative asset management and financial services corporation. It specializes in corporate private equity, real assets, and private credit. In 2015, Carlyle was the world’s largest private equity firm by capital raised over the previous five years, according to the PEI 300 index, though by 2020 it had slipped into second place.

Source: Reuters

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