U.S. buyout fund Bain Capital said on Thursday it had extended its deadline for a $1 billion buyout offer for Japanese nursing home operator Nichiigakkan Co for a second time.
Bain’s bid to buy all of Nichiigakkan’s shares has been extended to Aug. 3 from Thursday as the company’s stock is trading above Bain’s offer of 1,500 yen per share.Nichiigakkan trades close to 1,600 yen in Tokyo, valuing the company at 116 billion yen .
Hong Kong-based investment fund Lim Advisors has said Nichiigakkan’s fair price is around 2,400 yen per share. It has said Bain’ offer “substantially” undervalued thecompany and appeared to take advantage of COVID-19 relatedweakness in the share price.
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