KKR has submitted a binding offer to take Japan’s personal care products maker Mandom private, the company said in a filing to the Tokyo Stock Exchange on Tuesday.
The proposal was made on Jan. 13 and includes a tender offer priced at 3,100 yen ($19.48) per share, according to the announcement. KKR is aiming to launch the tender offer in late January, subject to obtaining Mandom’s consent to proceed with the privatisation, the company said.
Mandom said it will review the proposal and determine its stance on the offer at a later date.
The announcement comes after reports that KKR was preparing a rival bid for the Osaka-based maker of haircare and grooming products, best known for its Gatsby brand.
The offer of 3,100 yen per share is about 23% higher than the offer of CVC Capital Partners-backed Kalon Holdings, which initially had the support of Mandom’s management and made a revised offer of 2,520 yen per share in late November.
Founded in 1927, Mandom has expanded across Asia, including Indonesia, with products spanning haircare, skincare, and cosmetics.
