Kubota, the Japanese maker of industrial machinery, raised its offer for Kverneland ASA to 1.62 billion kroner ($276 million), trumping counter bids from CNH Global NV (CNH) and Chery Heavy Industries Co. Ltd.
Kubota increased the offer to 10.5 kroner a share and secured an irrevocable agreement for the 31.8% stake held by Umoe AS, the Kvernaland, Norway-based company’s largest shareholder, Kverneland said in a statement.
The Japanese manufacturer’s bid of 8.5 kroner a share on December 16 for western Europe’s fifth-largest maker of farm machinery and equipment by sales sparked counter offers of 9.5 kroner a share on December 19 from Wuhu, China-based Chery and Fiat Industrial SpA-controlled CNH.
Kverneland Chairman Jens Ulltveit-Moe, who with family members owns Umoe AS, also said he will sell 100,000 shares owned by Kagra Gruppen AS through the offer, the company said.
Kverneland rose (KVE) as much as 3% to 10.45 kroner at 9:27 a.m. in Oslo. The stock has jumped 61% this year.