TOKYO (Reuters) - U.S. hedge fund Elliott Management Corp raised its stake in Hitachi Kokusai Electric 6756.T to just over 6 percent, a government filing showed, piling up pressure on KKR & Co LP (KKR.N) that has been trying to buy out the Japanese firm.
Elliott, a $33 billion multi-strategy hedge fund with an aggressive activist shareholder arm, is known for buying stakes in companies that are in the middle of a takeover and forcing a better deal for shareholders.
Only last week, it said it had a more than 5 percent stake in Hitachi Kokusai. According to the latest filing, Elliott now owns 6.1 percent.
U.S. buyout firm KKR agreed in April to buy the chip-making equipment and video solutions business from Hitachi Ltd (6501.T) in a deal valuing the unit at about $2.3 billion.
But the deal was put on hold last month after a third-party committee said the terms could be disadvantageous to minority shareholders.
Hitachi Kokusai shares closed at 2,974 yen on Tuesday, 18.8 percent higher than KKR’s offer price of 2,503 yen ($22.42).
(he story has been refiled to correct spelling of Elliott in headline)
Reporting by Junko Fujita; Editing by Himani Sarkar